Bank Releases November’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 November 2010. The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic.
About November’s Release
- In the past month, the indexes increased in 33 states, decreased in nine, and remained unchanged in eight for a one-month diffusion index of 48.
- Over the past three months, the indexes increased in 35 states, decreased in 13, and remained unchanged in two (Alaska and Alabama) for a three-month diffusion index of 44.
- For comparison purposes, the Philadelphia Fed has developed a similar coincident index for the entire United States. In November, it was 150.4. It increased 0.1 percent in November, 0.4 percent over the past three months, and 1.9 percent over the past 12 months.
- Delaware's index decreased by 0.1 percent over the past month and 0.1 percent over the past three months. It increased 1.2 percent over the past 12 months. It was 138.9 in November.
- New Jersey's index increased by 0.1 percent over the past month, 0.5 percent over the past three months, and 1.0 percent over the past 12 months. It was 147.5 in November.
- Pennsylvania's index increased by 0.4 percent over the past month, 1.2 percent over the past three months, and 2.7 percent over the past 12 months. It was 139.3 in November.
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 30, 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.