Better than expected and how North Dakota saved the day!!!

The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for May 2009.

In the past month, the indexes have increased in one state (North Dakota!!!), decreased in 47, and were unchanged in the other two (South Dakota and Vermont), for a one-month diffusion index of -92.

Over the past three months, the indexes have increased in one state (again, North Dakota!!!) and decreased in the other 49 states, for a three-month diffusion index of -96.

For comparison purposes, the Philadelphia Fed has also developed a similar coincident index for the entire United States. The Philadelphia Fed’s U.S. index fell 0.3 percent in May and has fallen 1.2 percent over the past three months.

http://www.philadelphiafed.org/research-and-data/regional-economy/indexes/coincident/2009/CoincidentIndexes0509.pdf

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