Today's release of the “Coincident Indexes for the 50 States” from the Federal Reserve Bank of Philadelphia indicated tepid expansion with 20 states showing declines while the overall trend slowed on a monthly and annual basis.The worst showing was Michigan showing a month-to-month decline of 0.58% and rising just 3.0% above the level seen last year.
The coincident indices are formulated from four state level indicators (nonfarm payrolls, unemployment rate, average hours worked in manufacturing and wages and salary disbursements deflated by the CPI) giving essentially a time-series summary of the current general economic conditions of each state.
