State Coincident Indexes in June 2024
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The Federal Reserve Bank of Philadelphia’s state coincident indexes in June were mixed. Connecticut saw a robust increase of 1.1 percent from May, and Maine rose .7 percent. However, 14 states registered declines, with Massachusetts off nearly .5 percent (obviously some diversity in the performance of New England states!). Over the three months since March, 9 states had increases of more than 1 percent, with Montana up 2.1 percent, but 9 had no change or declines over that period, led by Kansas’s .65 percent drop. The diversity in New England, now localized on the north shore of Long Island Sound, was also evident at this frequency, with Connecticut up 1.9 percent and Rhode Island down .2 percent. Over the last 12 months, Arizona saw an increase of 4.3 percent, with 7 other states up more than 3 percent. However, a full dozen states had growth under 1 percent, and 5 of those saw declines, led by Rhode Island’s 1.2 percent drop.
The independently estimated national figures of growth over the last 3 (.6 percent) and 12 (2.7 percent) months 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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