Composite Index of Coincident Indicators

What is the economy’s position on the current business cycle? Look at the number of non-farm employees, the index of industrial production, manufacturing and trade sales, and the aggregate amount of personal income (excluding transfer payments).

The talking heads on financial channels use the composite index of coincident indicators, as well as other indexes, to make their bold and mostly irrelevant statements about the economy...until it's time to watch the squirrel waterski.