Especially worrying was the big decline in the forward-looking indicators.

"That will be the more forward-looking indicator."

For all its gyrations, initial claims are still seen as a valuable, forward-looking indicator, one with a signal so strong it can scarcely be ignored.

While today's figures showed a healthy 0.8 percent increase in personal consumption for the quarter, one forward-looking economic indicator - private capital investment - fell 0.9 percent.

If the online surveys prove accurate over time, they may establish themselves as forward-looking indicators of trends that will appear later in the government surveys.

"But the forward-looking indicators suggest that this was just a bump in the road."

And forward-looking indicators, like the monthly reports by purchasing managers, suggest that the weakness in manufacturing is deepening.

In addition, mortgage applications, a forward-looking indicator of home building, jumped in July.

In truth, the forward-looking indicators are as high as they've ever been and do not point to any drop-off in activity.

Many forward-looking indicators are drawing a more pessimistic picture of economic activity.