Observations

Dec 2025: -0.61885

Updated: Feb 23, 2026 7:32 AM CST

Dec 2025:	-0.61885
Nov 2025:	-1.00291
Oct 2025:	-2.77585
Sep 2025:	-2.30751
Aug 2025:	-1.99673

Units:

Annualized Percent Change from Preceding Period,

Seasonally Adjusted

Frequency:

Monthly

Notes

Title	Release Dates

Brave-Butters-Kelley Cycle: Lagging Subcomponent of GDP	2021-04-01	2022-07-04
Brave-Butters-Kelley Cycle: Lagging Subcomponent of GDP (DISCONTINUED)	2022-07-05	2022-08-28
Brave-Butters-Kelley Cycle: Lagging Subcomponent of GDP	2022-08-29	2026-02-23

Source

Federal Reserve Bank of Chicago	2021-04-01	2022-08-28
Indiana University: Indiana Business Research Center	2022-08-29	2026-02-23

Release

Brave-Butters-Kelley Indexes	2021-04-01	2026-02-23

Units

Annualized Percent Change from Preceding Period	2021-04-01	2026-02-23

Frequency

Monthly	2021-04-01	2026-02-23

Seasonal Adjustment

Seasonally Adjusted	2021-04-01	2026-02-23

Notes

The Brave-Butters-Kelley Indexes (BBKI) are a research project of the Federal Reserve Bank of Chicago. The BBK Coincident and Leading Indexes and Monthly GDP Growth for the U.S. are constructed from a collapsed dynamic factor analysis of a panel of 500 monthly measures of real economic activity and quarterly real GDP growth. The lagging subcomponent of the cycle expressed in annualized real GDP growth equivalent units. The cycle component is the sum of the leading and lagging subcomponents. For more details, see also: Brave, Scott A., Ross Cole, and David Kelley, 2019, A 'big data' view of the U.S. economy: Introducing the Brave-Butters-Kelley Indexes (https://www.chicagofed.org/publications/chicago-fed-letter/2019/422), Chicago Fed Letter, Federal Reserve Bank of Chicago, No. 422. Crossref, https://doi.org/10.21033/cfl-2019-422 Brave, Scott A., R. Andrew Butters, and David Kelley, 2019, A new 'big data' index of U.S. economic activity (https://www.chicagofed.org/publications/economic-perspectives/2019/1), Economic Perspectives, Federal Reserve Bank of Chicago, Vol. 43, No. 1. Crossref, https://doi.org/10.21033/ep-2019-1	2021-04-01	2022-08-28
The Brave-Butters-Kelley Indexes (BBKI) are the byproduct of research originally conducted by the Federal Reserve Bank of Chicago. Currently, the BBKI are maintained and produced by the Indiana Business Research Center at the Kelley School of Business at Indiana University. The BBK Coincident and Leading Indexes and Monthly GDP Growth for the U.S. are constructed from a collapsed dynamic factor analysis of a panel of 490 monthly measures of real economic activity and quarterly real GDP growth. The lagging subcomponent of the cycle expressed in annualized real GDP growth equivalent units. The cycle component is the sum of the leading and lagging subcomponents. For more details, see also: ave, Scott A., Ross Cole, and David Kelley, 2019, A 'big data' view of the U.S. economy: Introducing the Brave-Butters-Kelley Indexes (https://www.chicagofed.org/publications/chicago-fed-letter/2019/422), Chicago Fed Letter, Federal Reserve Bank of Chicago, No. 422. Crossref, https://doi.org/10.21033/cfl-2019-422 Brave, Scott A., R. Andrew Butters, and David Kelley, 2019, A new 'big data' index of U.S. economic activity (https://www.chicagofed.org/publications/economic-perspectives/2019/1), Economic Perspectives, Federal Reserve Bank of Chicago, Vol. 43, No. 1. Crossref, https://doi.org/10.21033/ep-2019-1	2022-08-29	2026-02-23

Release Tables

Brave-Butters-Kelley Indexes

Monthly Indexes

Brave-Butters-Kelley Cycle: Lagging Subcomponent of GDP (BBKMCLA)

Notes

Release Tables

Related Data and Content

Data Suggestions Based On Your Search

Content Suggestions

Other Formats

Related Categories

Releases

Tags

Brave-Butters-Kelley Cycle: Lagging Subcomponent of GDP (BBKMCLA)

Notes

Release Tables

Related Data and Content

Data Suggestions Based On Your Search

Content Suggestions

Other Formats

Related Categories

Releases

Tags

Permalink/Embed