Researchers used generative AI to extract economic expectations from corporate call transcripts. The AI Economy Score predicts GDP growth, production, employment, and wages. It forecasts five or more quarters ahead. It outperforms survey forecasts and other existing measures. Industry and firm scores capture sector and company activity. A composite score improves forecasting power and horizon. Predictability is strongest among accurate, less biased managers. The findings imply managerial expectations offer new economic insights.

• 120,000 corporate conference call transcripts
• 5+ quarters forecast horizon