State Coincident Indexes in May 2025
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The Federal Reserve Bank of Philadelphia’s state coincident indexes in May were generally lackluster. In the one-month changes, Kentucky’s index did rise a reasonably hefty .71 percent, and Indiana, Idaho, New York, and South Carolina had increases above .5 percent. In contrast, 10 states saw declines. These were spread across the nation, with Massachusetts down .52 percent. Over the three months ending in May seven states were down, with Massachusetts on the bottom (down 1.0 percent) here as well. Indiana’s 1.71 percent was the largest gain, while 6 other states had increases above 1 percent. Over the last twelve months, Massachusetts, Michigan, and Iowa were down, and seven others saw increases of less than one percent. No state had an increase higher than four percent (Idaho was up 3.62 percent), and only four were at or higher than three percent.
The independently estimated national estimates of growth over the last three and twelve months were, respectively, .62 and 2.40 percent. Both measures appear to be a bit weaker than the state numbers would have suggested.
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.
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