State Coincident Indexes in May 2023
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The Federal Reserve Bank of Philadelphia’s state coincident indexes in May increased in from April in all but 3 states (Rhode Island, Minnesota, and Kentucky). Vermont and Massachusetts were again the leaders, and the only states with increases above 1 percent, but unlike in April Massachusetts took the top spot. These two were also the states with the largest 3-month increases (Massachusetts was up by close to 4 percent). However, a full 23 states had increases over this horizon of less than 1 percent (Rhode Island’s was barely positive). Over the past 12 months, Massachusetts was yet again the leader, with an increase of over 6 percent, perhaps some consolation for the Celtics’ fadeout in the NBA playoffs. Texas was a fairly distant second. Kansas and Missouri had increases of less than 1 percent.
The independently estimated national figures of growth over the last 3 months (.78 percent) looks roughly in line, though perhaps a bit short, of what the state figures suggest, while the corresponding 12-month result (3.65 percent) looks like it might be somewhat stronger than 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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