State Coincident Indexes in July 2023
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The Federal Reserve Bank of Philadelphia’s state coincident indexes in July suggest a slowdown in the rate of growth. 8 states saw declines in their indexes from June, with West Virginia and Montana down about .6 percent. No state had a gain larger than Pennsylvania’s 1 percent. Massachusetts and Maryland were again the leaders in growth over the last 3 months, but in both cases the increases were not above 3 percent (Massachusetts’ gain rounded up to 3 percent). 36 states had growth of 1 percent or lower, with 5 experiencing outright declines (Montana was down 1 percent). The 12-month numbers look better, with Massachusetts up a remarkable 7.3 percent, and Maryland rising 6.4 percent. Arkansas and Missouri had increases of less than 1 percent.
The independently estimated national figures of growth over the last 3 months (.60 percent) and 12 months (3.25 percent) both look to be roughly in line with what the state figures suggest.
Charles Steindel
AuthorMore in Author Profile »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.