State Coincident Indexes in May 2022
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The Federal Reserve Bank of Philadelphia's state coincident indexes in May showed some dispersion. Five states had no gains, or losses, in May (Michigan, Arizona, Hawaii, Montana, and Arkansas), while West Virginia, Rhode Island, Massachusetts, and Maryland were all up by more than 1 percent. The relative strength of the Northeast was also evident at the 3-month horizon, with Massachusetts, Maryland, West Virginia, and Rhode Island rising more than 3 percent. While 12 states—none in the Northeast—had increased of less than 1 percent. Over the last 12 months, every state had gains of at least 3 percent, but 6 (including California and New York) were up more than 10 percent, with West Virginia's 15.2 percent far and away the highest.
As is chronically the case, the independently estimated national figures of growth over the last 3 (1.3 percent) and 6 (6.0 percent) months look substantively weaker than the state figures.
It remains the case that Connecticut, Hawaii, Louisiana, and Michigan are the only states that have not yet matched their pre-pandemic highs 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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