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Home > Newsroom > Press Releases > 2011 Releases > Bank Releases January's Coincident Indexes

Bank Releases January’s Coincident Indexes

March 17, 2011

For immediate release
Contact: Katherine Dibling, Senior Media Representative, (215) 574-4119

The Federal Reserve Bank of Philadelphia today released the coincident indexes for January 2011. The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic.

About January’s Release

• In the past month, the indexes increased in 40 states, decreased in five, and remained unchanged in five for a one-month diffusion index of 70.
• Over the past three months, the indexes increased in 42 states, decreased in five, and remained unchanged in three (Georgia, Missouri, and North Carolina) for a three-month diffusion index of 74.
• For comparison purposes, the Philadelphia Fed has also developed a similar coincident index for the entire United States. The Philadelphia Fed's U.S. index rose 0.2 percent in January and 0.7 percent over the past three months.

Pennsylvania

The coincident index for Pennsylvania increased 0.6 percent. Both payroll employment and average hours worked in manufacturing rose, while the unemployment rate fell. Pennsylvania's economic activity as measured by the coincident index has risen 3.7 percent over the past 12 months.

New Jersey

The coincident index for New Jersey stayed flat. The unemployment rate remained unchanged, while payroll employment and average hours worked in manufacturing fell. New Jersey's economic activity as measured by the coincident index has increased 1.1 percent over the past 12 months.

Delaware

The coincident index for Delaware stayed flat. Payroll employment was relatively flat, while the unemployment rate remained unchanged. Average hours worked in manufacturing fell slightly. Overall, Delaware's economic activity as measured by the coincident index has risen 1.2 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, March 22, 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.