It seems likely, on general grounds, that there is some relationship between the level of economic activity and the value of cheques passing through the bank clearing system. If the relationship proved stable and reliable, bank clearings would provide a valuable addition to our indicators of current economic trends, for their coverage is wide and they are available very promptly-within a few days of the end of each month. This article describes a recent statistical investigation into the relationship.
Bank clearings as a measure of economic activity