State Coincident Indexes in June 2022
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The Federal Reserve Bank of Philadelphia's state coincident indexes in June continued to show some dispersion. Six states declined, while Massachusetts was up slightly more than 1 percent. At the 3-month horizon Montana and Arkansas saw drops, while 5 others (except for Hawaii, all in the middle part of the nation) had increases less than ½ of one percent, and 8 more had gains between ½ and one percent. Massachusetts, though, was up nearly 3 percent, and 5 other states clocked gains above 2 percent. Over the last 12 months, every state had gains of at least 3 percent, and 6 were up more than 10 percent, with West Virginia again number one, with a 13.5 percent increase.
Yet again, the independently estimated national figures of growth over the last 3 (.9 percent) and 12 (5.5 percent) months look substantively weaker than the state figures (in general, the weaker states were on the small side).
Michigan set a new monthly high in June, leaving Connecticut, Hawaii, and Louisiana as the only states that have not yet passed their pre-pandemic peaks in this series.
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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