Movements in the Federal Reserve Bank of Philadelphia’s state coincident indexes in March were generally muted. In the one-month changes, West Virginia led with a 1.12 percent gain, with North Dakota the only other state with an increase above .5 percent. Five states were down, but Hawaii’s .62 percent drop was the only one larger than .10 percent. Over the three months ending in March, while nine states were down, Hawaii was again the only one with a drop of as much as .5 percent. North Dakota, Indiana, and New Jersey were the only states seeing gains of 1 percent or more. Over the last twelve months, four states were down—West Virginia, which has clearly been quite volatile recently, was off 3.42 percent, but no other fell as much as half that. No state had an increase higher than four percent, and only three were higher than three percent.
The independently estimated national estimates of growth over the last three and twelve months were, respectively, .50 and 1.76 percent. Both measures appear to be fairly consistent with the state numbers.