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Philadelphia Federal Reserve Expands Economic Indexes to 50 States

For release: June 26, 2002
Contact: Kathy Woodbury, (215) 574-4119

PHILADELPHIA - The Federal Reserve Bank of Philadelphia's Research Department has released economic indexes for the 50 states. The indexes can be used to monitor state economies and compare economic trends and cycles.

The data used to calculate the 50 indexes are nonfarm payroll employment, unemployment rate, average hours worked in manufacturing, and real wages and salaries. The indexes are based on data from 1979 to 2001 and will be updated periodically.

Researchers and journalists can use this set of indexes to determine how different states performed in recessions over the last 22 years, including the most recent one, and how regional and national recessions vary. The indexes also reflect differences in economic trends among the states.

The Philadelphia Fed's Research Department has developed these indexes to build on the success of the Pennsylvania, New Jersey, and Delaware indexes, which are released monthly. The Research Department is calling for academic papers to be presented at a conference scheduled for Sept. 4-5, 2003. Papers will be selected based on their application to regional research and the contribution of composite indexes to the research.

The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey, and Delaware. The Bank supplies cash to these banks and thrifts, supervises them, collects and processes about 5 million checks daily, wires money and securities nationwide, as well as participates in the broader objective of setting monetary policy.

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