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Bank Releases July’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 July 2011. The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic.
- In the past month, the indexes increased in 29 states, decreased in 13, and remained unchanged in eight for a one-month diffusion index of 32.
- Over the past three months, the indexes increased in 34 states, decreased in 12, and remained unchanged in four (Arkansas, Delaware, Hawaii, and Washington) for a three-month diffusion index of 44.
- In July, the coincident index for Pennsylvania remained unchanged. Payroll employment and average hours worked in manufacturing increased slightly, while the unemployment rate rose. Overall, the state’s economic activity as measured by the coincident index has risen 3.3 percent over the past 12 months.
- The coincident index for New Jersey rose 0.3 percent in July. Payroll employment increased, and the unemployment rate remained flat. However, average hours worked in manufacturing fell. The state's economic activity as measured by the coincident index has increased 1.5 percent over the past 12 months.
- The coincident index for Delaware decreased 0.1 percent. The unemployment rate increased. On the other hand, both payroll employment and average hours worked in manufacturing rose. The state’s economic activity as measured by the coincident index has risen 0.5 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, August 30, 2011.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan 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.