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Economy in Brief

State Coincident Indexes in December 2021
by Charles Steindel  January 31, 2022

The Federal Reserve Bank of Philadelphia's state coincident indexes in December showed widespread growth, with less divergence than in November. Over the three months since September, only 3 states (West Virginia, Montana, and Massachusetts) had increases greater than 5 percent (West Virginia 6.9 percent was highest). 19 states had increases between 2 and 3 percent, with Alabama and Maine the only states with gains less than 1 percent. Yet again, the independently estimates national figure of 1.2 percent growth over this period was utterly unrepresentative of state experiences, no matter how categorized.

Over the last 12 months West Virginia and Massachusetts registered increases north of 20 percent, while only 4 others were above 10 percent. 35 states were between 5 and 8 percent (both California and New York were in the 8 to 10 percent range). Maine was lowest at 2.4 percent. The national figure of 6 percent over this period was considerably more consistent with the state figures than was the case for the 3-month interval.

Every state registered an increased from November to December. Massachusetts' pickup of nearly 5 percent was far and away the largest. 38 states set new record highs for their indexes in December; the exceptions were tourist dependent Hawaii and Nevada, numbers of Northeastern states (Maine, Connecticut, New York, New Jersey, Pennsylvania, and Maryland), some energy producers (Alaska and Louisiana) and two large manufacturing states (Illinois and Michigan).

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