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JoC-ECRI Index Revised

On January 2, 2008, a revamped Journal of Commerce-Economic Cycle Research Institute (JoC-ECRI) Industrial Price Index will be released. This new index will replace the existing JoC-ECRI Industrial Price Index.

The revision is part of a regular maintenance and development program to make the JoC-ECRI index accurately reflect the importance of key industrial commodities in today's economy. The revision adjusts the weights of the industrial commodities in the index to account for recent shifts in importance, while also pruning those that no longer play an important role in the U.S. economy and incorporating those whose importance is growing.

"Another vestige of the JoC's commodities-reporting heritage is the JoC-ECRI Industrial Price Index. Created in the mid-1980s and updated in the late 1990s by the New York-based Economic Cycle Research Institute, the index uses prices of industrial commodities such as textiles, metals and petroleum to predict changes in global business cycles before they are seen in the economy. The index has developed a strong and loyal following of economists, including Federal Reserve Chairman Alan Greenspan."