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 2010. The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic.
About August’s Release
- In the past month, the indexes increased in 27 states, decreased in 16, and remained unchanged in seven for a one-month diffusion index of 22.
- Over the past three months, the indexes increased in 40 states, decreased in six, and remained unchanged in four (California, Iowa, Michigan, and Missouri) for a three-month diffusion index of 68.
- For comparison purposes, the Philadelphia Fed has also developed a similar coincident index for the entire United States. In August, it was 159.0. It has remained unchanged in the past month and over the last three months.
- Delaware's index increased by 0.4 percent to 149.7 over the past month and 1.5 percent over the last three months.
- New Jersey's index increased by 0.1 percent to 154.1 over the past month and 0.3 percent over the last three months.
- Pennsylvania's index increased by 0.2 percent to 140.7 over the past month and 0.5 percent over the last three 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, October 1, 2010.
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.