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Bank Releases March’s Coincident Indexes
For immediate release
Contact: Katherine Dibling, Public Affairs Specialist, (215) 574-4119
The Federal Reserve Bank of Philadelphia today released the coincident indexes for March 2012. 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 48 states, decreased in one (Rhode Island), and remained stable in one (South Dakota). Over the past three months, the indexes increased in all 50 states.
- The coincident index increased 0.4 percent. Payroll employment increased, while the unemployment rate decreased. However, average hours worked in manufacturing decreased. Pennsylvania's economic activity as measured by the coincident index has risen 3.1 percent over the past 12 months.
- The coincident index rose 0.2 percent. The unemployment rate and average hours worked in manufacturing remained stable. Additionally, payroll employment decreased. New Jersey's economic activity as measured by the coincident index has increased 3.0 percent over the past 12 months.
- The coincident index rose 0.3 percent. Payroll employment and the unemployment rate remained flat. However, average hours worked in manufacturing decreased. Overall, Delaware's economic activity as measured by the coincident index has increased 1.1 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 Friday, April 27, 2012.
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.