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Economy in Brief
Kansas City Fed Manufacturing Index Dips in May But Remains Strong
The Kansas City Fed reported that its manufacturing sector business activity index declined to 23 in May...
U.S. Pending Home Sales Decline Sharply in April
Home buying remains under pressure...
U.S. Unemployment Claims Eased Slightly in the Latest Week
Initial claims for unemployment insurance filed in the week ended May 21 were 210,000 (-52.4% y/y)...
Italian Confidence Makes Small Bounce in May; Is It a Signal or Is It Noise?
Italian business and consumer confidence indexes both are substantially lower in May...
U.S. Durable Goods Orders Increase Modestly in April
Manufacturers' new orders for durable goods increased 0.4% during April (12.2% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Charles Steindel December 23, 2021
Estimates of state real GDP growth varied fairly substantially in 2021:Q3. 13 states saw outright declines; these were mainly commodity (energy and agriculture) intensive ones, but oddly New Hampshire—pretty far from either camp—was the weakest state in the nation, with a 3.3% rate of decline (the Granite State had a massive collapse in government output).
In general, states bordering salt water were stronger than the nation, though that should be taken as more of a curiosity than something of analytical value (aside from New Hampshire, Alaska and Louisiana had negative growth rate). Hawaii's 6.0% rate of growth was the highest in the nation, Delaware was second at 4.7%, DC's figure was 3.9%, and Massachusetts, New Jersey, and Florida all had 3.7% growth rates. By industry, commodity production was generally weak, as was construction, manufacturing, and trade (wholesale and retail). Other sectors generally rose (New Hampshire's strange government decline was almost unique, North Dakota and North Carolina were the only other states not to see increases in government output, and the drops there were much smaller.