State Coincident Indexes in April 2023
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The Federal Reserve Bank of Philadelphia’s state coincident indexes in April report gains in all states from March. Vermont had the largest increase (1.27 percent) while neighboring Massachusetts was the other state with a rise of more than 1 percent. West Virginia was, once again, the leading state at the three-month horizon, up a bit more than 3 percent, while Vermont—perhaps the second hilliest Eastern state, after West Virginia—was second. The majority of states again had increases of at least 1 percent since January; Alaska was again the only state with a decline over this horizon. Over the past 12 months, Massachusetts was the leader, with an increase of almost 4 ½ percent, barely edging Texas and New Mexico. Kansas was the only state with an increase of less than 1 percent since April 2022.
The independently estimated national figures of growth over the last 3 months (.74 percent) appears to be short of what the state figures suggest, while the corresponding 12-month result (3.72 percent) looks more or less in line with the state numbers.
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.
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