Before revision:  This metric, in combination with consumer survey data, S P 500 returns, and the yield curve, produces forecasts that significantly outperform models of higher complexity, containing traditional economic indicators .
After revision:  This metric, in combination with consumer survey data, S inclusion of our proposed news sentiment indicator, with traditional sentiment data, such as the Michigan Index of Consumer Sentiment and the Purchasing Manager's Index, and common factors derived from a large panel of economic and financial indicators helps improve model performance significantly .