The Federal Reserve Bank of Philadelphia's 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).

Calculated Risk host Bill McBride notes that in the past month, the indexes increased in 41 states, decreased in seven, and remained stable in two, for a one-month diffusion index of 68. McBride comments:

Five states have seen declines over the last 6 months; in order they are North Dakota (worst), Wyoming, Alaska, Louisiana and Oklahoma - mostly due to the decline in oil prices.

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