State Coincident Indexes in September 2024
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The Federal Reserve Bank of Philadelphia’s state coincident indexes in September remained soft. Connecticut was, yet again, on top, with a fairly modest .57 percent increase. New Hampshire was the only other state up more than .5 percent. 11 states saw declines, with Massachusetts, South Carolina, and Montana all down .29 percent. Over the 3 months ending in September, 14 states were down, with Massachusetts dropping 1.9 percent, while South Carolina was also down more than 1 percent. The odd New England pattern was ongoing, with Connecticut was on top with an increase of 1.95 and New Hampshire rising more than 1 percent. Over the last 12 months, 3 states were down, Ohio was flat, and another 8 saw increases of less than 1 percent. Rhode Island’s index was off by .6 percent. Arizona had a 4.99 percent increase, and Connecticut, New Hampshire, Idaho, Texas, and Utah had gains of more than 3 percent (Maine was up 2.98 percent—there certainly has been some odd variation in New England).
The independently estimated national estimates of growth over the last 3 months (.7 percent) and 12 months (2.8 percent) 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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