The Philly Fed ADS Index is designed to track real business conditions at high frequency. It is based on six underlying data series:
Weekly initial jobless claims
Monthly payroll employment
Personal income less transfer payments
Manufacturing and trade sales
Quarterly real GDP
It is generally known trade and private consumption and investment dominate GDP, but the wild swings through The Great Recession and the following recovery may not be recognized by some.
Real GDP growth would simply vanish is CPI were used as the GDP deflator.
The Bureau of Labor Statistics issued the advance estimate of 4Q2011 Gross National Product (GDP) showing a 3.2% rise.