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Bank Releases December’s Coincident Indexes
For immediate release
Contact: Katherine Dibling, senior media representative, (215) 574-4119
The Federal Reserve Bank of Philadelphia today released the coincident indexes for December 2010. The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic.
About December’s Release
- In the past month, the indexes increased in 24 states, decreased in 14, and remained unchanged in 12 for a one-month diffusion index of 20.
- Over the past three months, the indexes increased in 29 states, decreased in 18, and remained unchanged in three (Hawaii, Massachusetts, and Rhode Island) for a three-month diffusion index of 22.
- For comparison purposes, the Philadelphia Fed has also developed a similar coincident index for the entire United States. In December, it was 150.9. It increased 0.2 percent in December, 0.7 percent over the past three months, and 2.2 percent over the past 12 months.
- The coincident index for Delaware decreased 0.2 percent in December. Both payroll employment and average hours worked in manufacturing fell slightly, and the unemployment rate rose. Delaware’s economic activity as measured by the coincident index has risen 0.7 percent over the past 12 months.
- The coincident index for New Jersey rose 0.1 percent in December. Average hours worked in manufacturing increased, and the unemployment rate fell. However, payroll employment decreased somewhat. New Jersey’s economic activity as measured by the coincident index has increased 0.9 percent over the past 12 months.
- The coincident index for Pennsylvania increased 0.3 percent in December. The unemployment rate fell somewhat. On the other hand, both payroll employment and average hours worked in manufacturing decreased. Overall, Pennsylvania’s economic activity as measured by the coincident index has risen 3.1 percent over the past 12 months.
About the Coincident Indexes
- The indicators are nonfarm payroll employment, average hours worked in manufacturing, the unemployment rate, and wage and salary disbursements deflated by the consumer price index.
- The Bank also issues leading indexes for the states. These indexes predict the six-month growth rate of the state's coincident Indexes. The next release date for the leading indexes is Tuesday, February 1, 2011.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.