State Coincident Indexes in April 2022
|in:Viewpoints
The Federal Reserve Bank of Philadelphia's state coincident indexes in April were again almost uniformly strong, with every state seeing gains over the one-, three-, and twelve-month horizons. Over the three months since January Maryland's index rose more than 4 percent, and only 4 had growth less than 1 percent (Oklahoma, Louisiana, Arizona, and Mississippi). The independently estimated national figure of 1.1 percent growth over this period was, yet again inconsistent with the state numbers.
Over the last 12 months 6 states registered gains higher than 10 percent, led by West Virginia's 14.3 percent. Yet again, New York and California were in this group, and the 5.7 percent national figure was not representative of the individual state outcomes.
Maryland's 1.5 percent gain was the highest between March and April, and 5 other states saw increases above 1 percent. On the other side, 7 had gains less than .25 percent.
Nearly all the states set new record highs in April. However, Connecticut, Hawaii, Louisiana, and Michigan (the latter just barely) have yet to match their pre-pandemic highs.
Charles Steindel
AuthorMore in Author Profile »Charles Steindel has been editor of Business Economics, the journal of the National Association for Business Economics, since 2016. From 2014 to 2021 he was Resident Scholar at the Anisfield School of Business, Ramapo College of New Jersey. From 2010 to 2014 he was the first Chief Economist of the New Jersey Department of the Treasury, with responsibilities for economic and revenue projections and analysis of state economic policy. He came to the Treasury after a long career at the Federal Reserve Bank of New York, where he played a major role in forecasting and policy advice and rose to the rank of Senior Vice-President. He has served in leadership positions in a number of professional organizations. In 2011 he received the William F. Butler Award from the New York Association for Business Economics, is a fellow of NABE and of the Money Marketeers of New York University, and has received several awards for articles published in Business Economics. In 2017 he delivered Ramapo College's Sebastian J. Raciti Memorial Lecture. He is a member of the panel for the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters and of the Committee on Research in Income and Wealth. He has published papers in a range of areas, and is the author of Economic Indicators for Professionals: Putting the Statistics into Perspective. He received his bachelor's degree from Emory University, his Ph.D. from the Massachusetts Institute of Technology, and is a National Association for Business Economics Certified Business EconomistTM.
Global