Philly Fed Indexes Move Lower in January

-

The Federal Reserve Bank of Philadelphia’s State Coincident Indexes declined notably in January. The three-month diffusion index fell to 48 from a revised 68 in December. This is the lowest reading for the three-month index since the Covid era. The more volatile one-month diffusion index also fell in January to 42 from a revised 84 in December, but it’s still higher than the revised 24 level posted in November. Similar to December, the states with the most significant three-month declines were West Virginia, Delaware, and Montana, while California and Kentucky posted the largest increases. The exhibit below is reproduced from the press release.

Comments

Post a Comment

Popular posts from this blog

Philly Fed State Coincident Indexes Solidly in the Green

-
The Philadelphia Fed released its August 2025 State Coincident Indexes today. The August statistics indicate continued economic growth across the majority of the states, with 44 of the 50 states posting index value increases over the prior three months. While five states posted declines, Maryland saw the largest drop with a three-month decrease of 0.6% in its index. This is possibly  the result of an increase in Maryland’s unemployment rate to 3.6% in August from 3.3% in June, and a modest decrease in manufacturing payrolls of 1,500 over the same period.
Read more

Census: North Carolina Highest Domestic In-Migration State 2025

-
Image
New figures released by the US Census Bureau put North Carolina at the top of the list for domestic net migration from July 2024 to July 2025. The state saw just over 84,000 domestic residents moving in during that period, followed by Texas with 67,299, and South Carolina with 66,622. Perennial heavyweight Florida was all the way down at number eight on the list with 22,517 move-ins. On the flip side, it’s no surprise that California and New York topped the list of domestic out-migration states with 299,077 and 137,586 resident departures, respectively. Illinois, New Jersey and Massachusetts made up the balance of the top five, but with significantly smaller domestic out-migration numbers.  International net migration fell substantially in the US, declining from 2.7 million in the year ended July 1, 2024 to 1.3 million in the year ending July 1, 2025, a 54% decline. Nevertheless, all of the states saw some international net migration in 2025, with Florida and Texas topping the lis...
Read more

This Week’s State Economic Releases

-
The Federal Reserve Bank of Philadelphia is scheduled to release its August 2025 State Coincident Indexes this Wednesday, September 24. In last month’s release, the Philadelphia Fed reported that over the three month period ending July 2025, these economic indexes had increased in 41 states, decreased in eight, and remained unchanged in one . On Friday, the US Bureau of Economic Analysis (BEA) will release its annual update of state gross domestic product, personal income, and personal consumption expenditures. In this annual exercise, the BEA typically looks back five years. In last year’s update report, the revisions to these three economic statistics were very modest. It should be noted that Friday’s report will contain both the annual revisions and new estimates of state gross domestic product, personal income, and personal consumption expenditures. This will be the first time that the BEA will be reporting all three of these indicators in one unified release. 
Read more