Bank Releases March’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 March 2011. The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic.
About the March Release
- In the past month, the indexes increased in 45 states, decreased in three (Kansas, Maine, and South Dakota), and remained unchanged in two (Louisiana and New Jersey).
- Over the past three months, the indexes increased in 48 states and decreased in two (Kansas and South Dakota).
- The coincident index for Pennsylvania increased 0.7 percent for the month. Average hours worked in manufacturing rose and the unemployment rate fell. Payroll employment was relatively flat. The state’s economic activity as measured by the coincident index has risen 4.6 percent over the past 12 months.
- The coincident index for New Jersey stayed flat in March. Payroll employment increased. However, the unemployment rate rose and average hours worked in manufacturing fell slightly. Overall, the state’s economic activity as measured by the coincident index has increased 1.1 percent over the past 12 months.
- The coincident index for Delaware increased 0.3 percent this month. Payroll employment increased, while the unemployment rate decreased. Average hours worked in manufacturing fell slightly. The state’s economic activity as measured by the coincident index has risen 1.9 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 Thursday, April 28, 2011.
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.