Strong April Philly Fed

The Federal Reserve Bank of Philadelphia’s State Coincident Indexes improved notably in April, as the three-month diffusion index rose to its highest level since January 2025. The index increased 14 points m/m to 90 in April from a revised 76 in March, with only two states, Connecticut and Hawaii, posting index declines. Washington State’s index remained flat over the three-month period, but the indexes of all other states improved. West Virginia, North Dakota, and Idaho posted the strongest three-month index gains in the month. The exhibit below is reproduced from the press release.