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Economy in Brief

State Coincident Indexes in July 2022
by Charles Steindel  August 24, 2022

The Federal Reserve Bank of Philadelphia's state coincident indexes in July were modestly dispersed, but arguably less so than in recent months. Only three states (Indiana, West Virginia, and Montana) are reported to have declined. Thirty states had increases between .25 and .75 percent. At the top, New Mexico, Massachusetts, and Nevada had gains higher than one percent. At the 3-month horizon Montana and Arkansas again saw drops, but only three others had gains of less than ½ of one percent, while 11 others had increases of less than one percent. Massachusetts was again the only state with an increase of more than three percent, and 8 others were above two percent. Over the last 12 months, it was again the case that every state had gains of at least 3 percent, with three (West Virginia, Massachusetts, and California) up more than 10 percent,

As always seems to be the case, the independently estimated national figures of growth over the last 3 (1,1 percent) and 12 (5.6 percent) months look substantively weaker than the state figures.

Connecticut and Hawaii are now the only states that have not yet passed their pre-pandemic peaks in this series.

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