Bank Releases October’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 October 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 43 states, decreased in five, and remained unchanged in two. Over the past three months, the indexes increased in 42 states, decreased in seven, and remained unchanged in one (Delaware).
- In October the coincident index for Pennsylvania increased 0.2 percent. Both payroll employment and average hours worked in manufacturing increased, while the unemployment rate decreased. Pennsylvania’s economic activity as measured by the coincident index has risen 2.4 percent over the past 12 months.
- The coincident index for New Jersey rose 0.4 percent in October. The unemployment rate fell, and payroll employment and average hours worked in manufacturing increased. New Jersey's economic activity as measured by the coincident index has increased 2.0 percent over the past 12 months.
- In October the coincident index for Delaware rose 0.1 percent. The unemployment rate decreased, while payroll employment stayed relatively flat. However, average hours worked in manufacturing fell. Overall, Delaware’s economic activity as measured by the coincident index has remained unchanged 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, December 1, 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.