Haver Analytics
Haver Analytics
| Apr 04 2023

State Coincident Indexes in February 2023

The Federal Reserve Bank of Philadelphia’s state coincident indexes in February were generally up. Only 3 states (Connecticut, Pennsylvania, and Massachusetts) saw declines from January; West Virginia’s 1.11 percent gain was far and away the largest. All states saw increases over the three months since November, with only 3 (New Jersey, New York, and Arkansas) having gains less than .5 percent, and 17 growing more than 1 percent (West Virginia was again on top, with a 2.35 percent increase). Over the past 12 months, New Mexico was the only state with an increase over 5 percent (Florida was barely short, while Texas and California were well over 4 percent)), while Hawaii and Kansas were the only states with gains less than 1 percent.

The independently estimated national figures of growth over the last 3 months (.16 percent) seems a bit short of what the state figures suggest, but the corresponding 12-month result (3.95 percent) looks plausibly in line with those of the states.

  • Charles Steindel has been editor of Business Economics, the journal of the National Association for Business Economics, since 2016. From 2014 to 2021 he was Resident Scholar at the Anisfield School of Business, Ramapo College of New Jersey. From 2010 to 2014 he was the first Chief Economist of the New Jersey Department of the Treasury, with responsibilities for economic and revenue projections and analysis of state economic policy. He came to the Treasury after a long career at the Federal Reserve Bank of New York, where he played a major role in forecasting and policy advice and rose to the rank of Senior Vice-President. He has served in leadership positions in a number of professional organizations. In 2011 he received the William F. Butler Award from the New York Association for Business Economics, is a fellow of NABE and of the Money Marketeers of New York University, and has received several awards for articles published in Business Economics. In 2017 he delivered Ramapo College's Sebastian J. Raciti Memorial Lecture. He is a member of the panel for the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters and of the Committee on Research in Income and Wealth. He has published papers in a range of areas, and is the author of Economic Indicators for Professionals: Putting the Statistics into Perspective. He received his bachelor's degree from Emory University, his Ph.D. from the Massachusetts Institute of Technology, and is a National Association for Business Economics Certified Business EconomistTM.

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