Bank Releases October’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 October 2010. The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic.
About October’s Release
- In the past month, the indexes increased in 31 states, decreased in 10, and remained unchanged in nine for a one-month diffusion index of 42.
- Over the past three months, the indexes increased in 34 states, decreased in 12, and remained unchanged in four (Nebraska, New Mexico, Utah, and Washington) for a three-month diffusion index of 44.
- For comparison purposes, the Philadelphia Fed has also developed a similar coincident index for the entire United States. In October, it was 150.0. It increased 0.2 percent in October, 0.3 percent over the past three months, and 1.8 percent over the past 12 months.
- Delaware's index increased by 0.2 percent over the past month, 0.6 percent over the past three months, and 1.6 percent over the past 12 months. It was 139.9 in October.
- New Jersey's index increased by 0.2 percent over the past month, 0.4 percent over the past three months, and 0.9 percent over the past 12 months. It was 147.2 in October.
- Pennsylvania's index increased by 0.4 percent over the past month, 1.0 percent over the past three months, and 2.1 percent over the past 12 months. It was 138.4 in October.
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 Thursday, December 2, 2010.
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.