The Federal Reserve Bank of Philadelphia has published its latest coincident indexes for the 50 US states. It’s report included the map below, which shows the three month change in the index.
The index combines data on payroll employment, hours worked in manufacturing, the unemployment rate, and wage and salary disbursements to paint a picture of the economy’s strength.
In November, it increased in 44 states.
It’s mostly green now, but was mostly red in the depth of the recession, notes Bill McBride at theCalculated Risk Blog.
He notes that what would be most interesting to watch is whether oil producing states turn red in 2015 to reflect the effect of lower oil prices.
Wyoming, one of only two red states, is already feeling the sting of lower oil prices, as Wyoming Public Media‘s Stephanie Joyce reports:
“This year, for the first time in decades, severance taxes from oil surpassed coal and came close to knocking natural gas out of its number one spot, but now, with oil prices falling, Governor Matt Mead says the state is losing out on a lot of money.
“For every $US5 decrease in a barrel of oil, it’s $US35 million for the State of Wyoming,” he said.