The index combines four economic indicators “to summarize current economic conditions in a single statistic,” according to the Fed.
In Pennsylvania, unemployment levels remained unchanged, but manufacturing hours increased and payroll employment decreased, the agency said. Overall, the state’s coincident index remained unchanged at 141.0.
“The state’s economic activity as measured by the coincident index has risen 2.7 percent over the past 12 months,” the Fed said.
Nationwide, May’s coincident index increased in 34 states, decreased in nine states and remained stable in seven. Overall, the U.S. coincident index rose 0.2 percent in May and 0.6 percent in the past three months, the Fed said.
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