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FEDERAL RESERVE BANK OF SAN FRANCISCO ECON OM I C RES EA RCH INDICATORS AND DATA TECH PULSE The Tech Pulse Index is an index of coincident indicators of activity in the U.S. information technology sector. It can be interpreted as a summary statistic that tracks the health of the tech sector in a timely manner. The indicators used to compute the index are investment in IT goods, consumption of personal computers and software, employment in the IT sector, as well as industrial production of and shipments by the technology sector. The index extracts the common trend that drives these series. CURRENT RELEASE Deviation of growth rate from historical average 75 50 Percent 25 0 -25 -50 -75 1975 1980 1985 1990 1995 1-month growth rate (annualized) 2000 2005 12-month growth rate 2010 2015 SUMMARY In March 2017 the Tech Pulse Index grew at an annualized rate of 6.3%, compared to its 11.8% historical average. The Tech Pulse Index grew 8.1% over the past 12 months. Tech Pulse Index and Underlying Indicators 12 month growth rate Monthly growth rates, annualized Indicator latest Jan-17 Feb-17 Mar-17 Tech Pulse 8.1% 6.1% 5.1% 6.3% Industrial Production 7.7% 2.0% 3.5% Shipments 6.7% 1.9% 1.3% Employment 1.1% -1.1% 1.4% PCE 15.3% -0.9% 14.9% PCE deflator -5.8% 18.1% -12.3% 4 quarter growth rate 0.5% Quarterly growth rates, annualized latest 2016Q3 2016Q4 Private fixed investment (PFI) 1.3% 16.2% 6.7% PFI deflator -1.3% -2.4% -3.1% 2017Q1 Announcements The econometric model used to construct the Tech Pulse index is re-estimated every month. Consequently, every month the whole historical time-series of the index is revised. The econometric specification of the model underlying the index as well as the source data have changed substantially compared to the versions of the index released before August 2008. Therefore, the current version of the Tech Pulse index is not directly comparable to previous versions of the index published before December 2008. Methodology/References Data releases Related Publications Bart Hobijn. 2009. “The Tech Pulse Index: Recent Trends in Tech-Sector Activity.” FRBSF Economic Letter 200903. Bart Hobijn, Kevin J. Stiroh and Alexis Antoniades. 2003. “Taking the Pulse of the Tech Sector: A Coincident Index of High-Tech Activity.” Current Issues in Economics and Finance, 9 (10). Bart Hobijn, Tech Pulse Index: Sources and Methodology.
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