There is another economic indicator that is useful for EP readers to track, the Aruoba-Diebold-Scotti business conditions index (ADS index).
I personally hadn't paid much attention until I read Econbrowser's post, not much of a V, where he analyzes the economic indicators and shows, the recovery sure doesn't look guaranteed.
The ADS index is now a real time metric which tracks business conditions at high frequency.
According to the Fed:
Its underlying economic indicators (weekly initial jobless claims; monthly payroll employment, industrial production, personal income less transfer payments, manufacturing and trade sales; and quarterly real GDP) blend high- and low-frequency information and stock and flow data.
James Hamilton also writes about the Aruoba-Diebold-Scotti business conditions index and it's usefulness.
The idea behind the Aruoba-Diebold-Scotti index is to use data as it arrives from various sources to update an impression of the overall level of U.S. economic activity.
So, consider it a real time temperature gauge.