State Coincident Indexes in November 2023
The Federal Reserve Bank of Philadelphia’s state coincident indexes in November were comparable to the October showing, tending toward the weak side. 30 states show declines from October, with Montana down 1 percent and West Virginia off nearly .9 percent. Of the 20 states with increases, Minnesota led with a .5 percent rise. Over the 3 months ending in November, 22 states had declines, with West Virginia off by 2.5 percent, and Montana and Michigan down by more than 1 ½ percent. Nevada rose 1.1 percent and Texas was up 1.0 percent—fairly soft performances for states at the top. Over the last 12 months Maryland again led, with a 6.6 percent increase, and Vermont’s index rose 6.1 percent. The measures for Arkansas and New Jersey fell over the last year.
The independently estimated national figures of growth over the last 3 months (.7 percent) and 12 months (3.0 percent) both look to be roughly in line with what the state figures suggest.
Charles SteindelAuthorMore 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.