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For release: July 30, 2003
Contact: Kathy Woodbury, (215) 574-4119
PHILADELPHIA – The Philadelphia Federal Reserve is now issuing monthly economic indexes for all 50 states. The indexes will make it easier to track trends in state economies and analyze state business cycles.
“The indexes will facilitate the study of the impact of national economic forces on individual states. They can also be used to estimate the effect of a state’s overall economic activity on the fiscal condition of state and local governments, the level of migration in and out of the state, and other important economic and social issues,” said Ted Crone, vice president and economist in the Bank’s Research Department.
The indexes are composites of economic data, including nonfarm employment, unemployment rate, average hours worked in manufacturing, and real wages and salaries. They are based on data from 1979 to 2003.
The Bank’s Research Department developed the indexes, which will be released along with the existing series of economic and leading indexes for Delaware, New Jersey, and Pennsylvania. The indexes will be posted on the Bank’s web site: www.philadelphiafed.org/econ/stateindexes. Journalists and researchers can use the tri-state indexes to monitor the states’ economies.
The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey, and Delaware. The Bank supplies cash to these banks and thrifts, supervises them, collects and processes about 5 million checks daily, wires money and securities nationwide, as well as participates in the broader objective of setting monetary policy.