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Economy in Brief

State Coincident Indexes in April 2022
by Charles Steindel  May 25, 2022

The Federal Reserve Bank of Philadelphia's state coincident indexes in April were again almost uniformly strong, with every state seeing gains over the one-, three-, and twelve-month horizons. Over the three months since January Maryland's index rose more than 4 percent, and only 4 had growth less than 1 percent (Oklahoma, Louisiana, Arizona, and Mississippi). The independently estimated national figure of 1.1 percent growth over this period was, yet again inconsistent with the state numbers.

Over the last 12 months 6 states registered gains higher than 10 percent, led by West Virginia's 14.3 percent. Yet again, New York and California were in this group, and the 5.7 percent national figure was not representative of the individual state outcomes.

Maryland's 1.5 percent gain was the highest between March and April, and 5 other states saw increases above 1 percent. On the other side, 7 had gains less than .25 percent.

Nearly all the states set new record highs in April. However, Connecticut, Hawaii, Louisiana, and Michigan (the latter just barely) have yet to match their pre-pandemic highs.

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