Alternative Indicators: What’s Dr. Copper’s Prognosis for the U.S. Economy?

替代指标:铜博士对美国经济的预测如何?

WSJ What’s News

2025-11-13

12 分钟
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Economists and investors have long turned to copper as a reliable economic indicator: High prices meant the economy was humming, and low prices meant it wasn’t. That’s in part because copper is useful for so many economic activities. In fact, copper was considered such a good signal that investors gave it a nickname—Dr. Copper. But now, as high demand and tariffs affect copper prices, is the commodity’s relationship with the economy becoming blurry? Host Alex Ossola discusses this with Dec Mullarkey, head of investment strategy and asset allocation at SLC Management. This is part two of our four-part series on alternative economic indicators. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
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  • Is the economy hot or not?

  • The picture seems to be murky lately.

  • If you're a glass half full kind of person,

  • you could point to the stock market's strong performance,

  • robust consumer spending, or a relatively low unemployment rate.

  • But if your glass is half empty, you might be fretting over other, not so positive signs.

  • Inflation is still high, consumers are feeling pessimistic about the economy,

  • and jobs are getting harder to find.

  • Delayed economic data because of the government shutdown has done little to clear things up.

  • So looking at other alternative stats may help us get a pulse on the economy,

  • even if that data can be messy.

  • Here's WSJ investing columnist Spencer Jacob.

  • go into it with an open mind, you can learn some things.

  • If you don't have a narrative, if you're going in and saying, hey, what can I find out?

  • What tea leaves can I read?

  • And if lots of them are turning in a certain direction, that's an indication,

  • even when you're not seeing it in the official economic data.

  • So this is a pretty good time to be doing it.

  • But it's a really always a good time to look at these things.

  • This is a special episode of What's News.