Movements in the Federal Reserve Bank of Philadelphia’s state coincident indexes in May were again, generally, fairly modest, but with a somewhat wider range than we’ve recently seen. In the one-month changes, none had increases as high as 1 percent, though seven had gains above .5 percent. On the other side, five states had declines, with Kentucky, Hawaii, and Alabama’s fairly noticeable (more than .2 percent). Over the three months since February, thirteen states had increases of 1 percent or higher, with West Virginia’s 2.70 percent far and away on top. Four states saw declines, with Alabama’s -.33 percent being the largest. Over the last twelve months, Ohio, Nevada, Idaho, California, and North Dakota clocked increases above 3 percent. Five states were down, with West Virginia’s 1.55 percent loss substantially larger than any other state’s.
The independently estimated national estimates of growth over the last three and twelve months were, respectively, .67 and 1.91 percent. These seem to be consistent with the state figures.