Philly Fed: November Coincident Indexes Slip

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The Federal Reserve Bank of Philadelphia released its November State Coincident Indexes this morning. The three-month diffusion index fell to 64 from 76 in October and 70 in September, as 40 state indexes increased while eight decreased and two remained unchanged. The one-month diffusion index also fell in November, but the one-month reading is so volatile, it’s hardly worth commenting on. November’s three-month diffusion index of 64 is the lowest since the 62 recorded in September 2024. Of the eight states posting lower indexes, Delaware, Maryland, Montana and West Virginia saw the most significant declines over the last three months, while Hawaii was the only state to see a three-month index increase meaningfully greater than 1.0%. The exhibit below is reproduced from the press release. The next release of State Coincident Indexes is scheduled for January 30, 2026.



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