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Economy in Brief

State Coincident Indexes in May 2022
by Charles Steindel  June 29, 2022

The Federal Reserve Bank of Philadelphia's state coincident indexes in May showed some dispersion. Five states had no gains, or losses, in May (Michigan, Arizona, Hawaii, Montana, and Arkansas), while West Virginia, Rhode Island, Massachusetts, and Maryland were all up by more than 1 percent. The relative strength of the Northeast was also evident at the 3-month horizon, with Massachusetts, Maryland, West Virginia, and Rhode Island rising more than 3 percent. While 12 states—none in the Northeast—had increased of less than 1 percent. Over the last 12 months, every state had gains of at least 3 percent, but 6 (including California and New York) were up more than 10 percent, with West Virginia's 15.2 percent far and away the highest.

As is chronically the case, the independently estimated national figures of growth over the last 3 (1.3 percent) and 6 (6.0 percent) months look substantively weaker than the state figures.

It remains the case that Connecticut, Hawaii, Louisiana, and Michigan are the only states that have not yet matched their pre-pandemic highs in this series.

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