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Bank Releases August’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 August 2011. The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic.
- In the past month, the indexes increased in 26 states, decreased in 17, and remained unchanged in seven for a one-month diffusion index of 18.
- Over the past three months, the indexes increased in 33 states, decreased in 16, and remained unchanged in one (Maryland) for a three-month diffusion index of 34.
- The coincident index for Pennsylvania decreased 0.2 percent. Payroll employment remained relatively flat, while average hours worked in manufacturing fell slightly. The state's unemployment rate rose for the month. Overall, Pennsylvania's economic activity as measured by the coincident index has risen 2.5 percent over the past 12 months.
- The coincident index for New Jersey rose 0.3 percent. The unemployment rate fell, and average hours worked in manufacturing stayed relatively flat. However, payroll employment decreased. New Jersey's economic activity as measured by the coincident index has increased 1.7 percent over the past 12 months.
- The coincident index for Delaware fell 0.1 percent. Both payroll employment and average hours worked in manufacturing decreased, while the unemployment rate stayed flat. Delaware's economic activity as measured by the coincident index has risen 0.1 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, September 29, 2011.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan 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.