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.