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Economy in Brief

State Coincident Indexes in November 2021
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.

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