Fed: Pa. economy gained in November
Economic activity in Pennsylvania increased slightly in November, according to the Federal Reserve Bank of Philadelphia's coincident index.
The index rose 0.4 percent in the month, the Fed said, reflecting improvements in three of the four measures tracked by the index: payroll employment, unemployment and average hours worked in manufacturing. The fourth indicator tracks wages and salaries.
During the past 12 months, Pennsylvania’s coincident index has risen 2 percent, the Fed said.
Nationwide, 45 state coincident indexes rose in November, three fell and two remained unchanged. The index for the U.S. as a whole rose 0.2 percent, the Fed said.
The coincident index matches other indicators showing the U.S. economy improved in 2012. Many economists see positive macroeconomic trends buoying the nation in 2013, though they warn that the pending fiscal cliff package of federal tax cut expirations and spending cuts will, if not averted, be sufficient to push the U.S. back into recession.