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Economy in Brief
U.S. FHFA House Prices Continued to Rise in April
The FHFA House Price Index increased 1.6% during April...
U.S. Advance Trade Deficit Narrowed Slightly in May
The advance estimate of the U.S. international trade deficit in goods narrowed to $104.3 billion in May...
U.S. Energy Prices Decline
The AAA retail price of gasoline fell seven cents to $4.94 per gallon (+60.4% y/y) in the week ended June 24...
French Consumer Worries Intensify in the Wake of Russia Attack
French confidence is weak in June 2022...
U.S. Durable Goods Orders Firm in May
Manufacturers' new orders for durable goods exhibited unexpected improvement in May...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Charles Steindel April 22, 2020
The Philadelphia Federal Reserve Bank has issued estimates of state coincident indexes for March, and the results are truly ugly. The Bank's release shows a map illustrating three-month changes, and it is largely a frightening field of red. Three-month changes seem a bit academic at this point. Looking at the changes from February it's a bit surprising to see 14 states coming in with upticks—arguably a reflection of the plunge only so far lasting one month, so it's possible those small gains will not be there when April information comes in. Alaska and Hawaii had the largest increases.
24 states had one-month declines larger than 1 percent, with West Virginia down an astonishing 5.2 percent, Kentucky off 4.5 percent, and Nevada dropping 4.4 percent. In the very largest states, California fell more than 2 percent—surely a reflection of its early lockdown—Florida was off 1.6 percent—the delay locking down there didn't prevent the shrinkage of travel (clearly evident in Nevada's collapse) dragging the state down, notwithstanding the large news coverage of spring break—New York was down 1.5 percent, and even Texas fell a marked .9 percent; larger than the national figure of .5 percent, likely heavily affected by the fall-off in energy extraction and refining.