{
  "data_version": "seed-0.7 · marketcap-1 · 2026-08-30",
  "source": "https://finance.foundation",
  "license": {
    "finance_foundation_data": "CC BY 4.0 — attribution: Finance Foundation (https://finance.foundation)",
    "upstream_values": "Fields sourced from a provider carry their own source field and remain under that provider's terms — see https://finance.foundation/api/v1/sources"
  },
  "collection": "indicators",
  "count": 8,
  "data": [
    {
      "id": "gdp",
      "name": "Gross Domestic Product (GDP)",
      "unit": "% growth / level",
      "frequency": "Quarterly",
      "sources": "BEA, Eurostat, national statistics offices, IMF",
      "description": "Total value of goods and services produced. The broadest measure of economic activity; two consecutive quarters of contraction is the informal definition of recession."
    },
    {
      "id": "cpi-inflation",
      "name": "Consumer Price Inflation (CPI)",
      "unit": "% YoY",
      "frequency": "Monthly",
      "sources": "BLS, Eurostat, national statistics offices",
      "description": "Change in the price of a consumption basket. The primary target variable of modern central banking (most target ~2%)."
    },
    {
      "id": "policy-rate",
      "name": "Central Bank Policy Rate",
      "unit": "%",
      "frequency": "Per meeting (6–8×/year)",
      "sources": "Federal Reserve, ECB, BoJ, BoE, PBoC",
      "description": "The rate at which the central bank lends or remunerates reserves. Sets the floor of the entire yield curve and the price of money economy-wide."
    },
    {
      "id": "unemployment-rate",
      "name": "Unemployment Rate",
      "unit": "%",
      "frequency": "Monthly",
      "sources": "BLS, Eurostat, ILO",
      "description": "Share of the labor force without work but seeking it. One half of the Fed's dual mandate; a lagging indicator of the cycle."
    },
    {
      "id": "pmi",
      "name": "Purchasing Managers' Index (PMI)",
      "unit": "Index (50 = neutral)",
      "frequency": "Monthly",
      "sources": "S&P Global, ISM, Caixin",
      "description": "Survey of purchasing managers on new orders, output and employment. The most watched leading indicator; above 50 signals expansion.",
      "no_live": "This card carries no live number, and that is deliberate. PMI is a proprietary survey: ISM and S&P Global both sell it, and neither publishes a free machine-readable feed. Substituting some other activity series and labelling it PMI would be the kind of small untruth this site exists to avoid, so the definition stands on its own until a licensed feed is in place."
    },
    {
      "id": "yield-curve",
      "name": "Yield Curve (10Y–2Y spread)",
      "unit": "basis points",
      "frequency": "Continuous",
      "sources": "US Treasury, FRED",
      "description": "Difference between long and short government yields. Inversion (negative spread) has preceded every modern US recession, with long and variable lags."
    },
    {
      "id": "m2",
      "name": "M2 Money Supply",
      "unit": "% YoY / level",
      "frequency": "Monthly",
      "sources": "Federal Reserve, ECB",
      "description": "Cash, deposits and near-money. Its expansion and contraction frame the liquidity backdrop for asset prices."
    },
    {
      "id": "current-account",
      "name": "Current Account Balance",
      "unit": "% of GDP",
      "frequency": "Quarterly",
      "sources": "IMF, national central banks",
      "description": "Trade plus income flows with the rest of the world. Persistent deficits or surpluses drive currency valuations and global capital flows."
    }
  ]
}