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Economy in Brief
Italian Consumer Confidence Remains Hammered Down
Italy's consumer confidence fell month-to-month...
U.S. Current Account Deficit Deepens to Record in Q1'22
The U.S. current account deficit deepened to $291.4 billion during Q1'22...
Kansas City Fed Manufacturing Index Declines Further in June But Remains Positive
The Kansas City Fed reported that its manufacturing sector business activity index fell to 12 in June...
U.S. Unemployment Claims Edged Down
Initial claims for unemployment insurance filed in the week ended June 18 declined by 2,000 to 229,000...
U.S. Energy Prices Reverse Earlier Gains
Retail gasoline prices surged to $5.01 per gallon (63.1% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Charles Steindel December 23, 2021
The Federal Reserve Bank of Philadelphia's state coincident indexes in November showed disparate performance across the states. Over the three months ending in June nine states saw growth of more than 3 percent, led by Montana's. 4.9 percent gain (the other eight were scattered across the nation), while six grew less than 1 percent, with Michigan's index plunging more than 2 percent, perhaps reflecting the production difficulties of the auto industry. As seems always to be the case, though, the comparable national index looked completely unrepresentative of the state figures. The national index rose 1.4 percent, but only 10 grew less than that, and only 3 of those (Massachusetts, North Carolina, and Michigan) are especially large.
Over the 12 months ending in November, ten states, led by West Virginia's 25.8 percent surge, saw increase of more than 10 percent. Iowa, Arkansas, and Maine were the only ones with increases of less than 3 percent. The vast majority saw gains greater than the 5.7 percent national estimate.
Every state saw its index increase from October to November, with 12, including California, showing gains of more than 1 percent. West Virginia and Montana had increases of more than 2 percent. Massachusetts was weakest, with a gain barely above 1 percent. Most states outside the Northeast saw record highs in their indexes in November, but Hawaii, Nevada, Alaska, Louisiana, Michigan, and Iowa are also still below their pre-pandemic highs.