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Bank Releases February’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 February 2011. The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic.
About February’s Release
- In the past month, the indexes increased in 44 states, decreased in three (Kansas, New Jersey, and Wyoming), and remained unchanged in three (Delaware, New Mexico, and South Dakota).
- Over the past three months, the indexes increased in 46 states and decreased in four (Delaware, Kansas, New Jersey, and New Mexico).
- The coincident index for Pennsylvania increased 0.4 percent for the month. Payroll employment rose, and the unemployment rate fell. Average hours worked in manufacturing decreased slightly. The state's economic activity as measured by the coincident index has risen 4.3 percent over the past 12 months.
- The coincident index for New Jersey decreased 0.1 percent for the month. Payroll employment increased, while the unemployment rate rose and average hours worked in manufacturing stayed relatively flat. Overall, the state's economic activity as measured by the coincident index has increased 0.9 percent over the past 12 months.
- The coincident index for Delaware stayed flat for the month. Average hours worked in manufacturing increased, while the unemployment rate remained unchanged. Payroll employment was relatively flat. The state's economic activity as measured by the coincident index has risen 1.2 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, March 31, 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.