State Coincident Indexes in January 2025
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The Federal Reserve Bank of Philadelphia’s state coincident indexes continued to be on the soft side in January (February numbers will be released on April 9). In the one-month changes, Montana led with a .66 percent gain, while West Virginia and South Carolina had increases above .5 percent. 13 states registered declines, none greater than North Dakota’s .34 percent. Over the three months ending in January, only two states (Missouri and Wyoming) were down, both by small amounts. The gains were also somewhat muted, with only five (South Caroilina, Washington, Idaho, Utah, and Maryland) showing increases above 1 percent, topping off at South Carolina’s 1.35 percent. Over the last twelve months, three states were down, and eleven others saw increases of less than one percent. No state had an increase higher than four percent, and only three were higher than three percent. Washington’s index rose 3.66 percent, while Michigan was down 1.34 percent.
The independently estimated national estimates of growth over the last three and twelve months were, respectively, .61 and 2.41 percent. These both appear to be roughly 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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