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.
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.
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.
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.
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.