The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for March 2012. In the past
month, the indexes increased in 48 states, decreased in one state (Rhode Island), and remained stable in one state (South
Dakota), for a one-month diffusion index of 94.
The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic. The four state-level variables in each coincident index are nonfarm payroll employment, average hours worked in manufacturing, the unemployment rate, and wage and salary disbursements deflated by the consumer price index (U.S. city average). The trend for each state’s index is set to the trend of its gross domestic product (GDP), so long-term growth in the state’s index matches long-term growth in its GDP.