In its State Coincident Indexes report, the Federal Reserve Bank of Philadelphia publishes gauges, calculated from four state-level indicators, that summarize current economic conditions in each of the 50 states.
The Philly Fed also produce one- and three-month diffusion indexes derived from aggregate changes in the state-level indexes that offer a read on what is happening in the U.S. economy as a whole.
If the history of the past three decades or so is any guide, the latest data indicates, contrary to what the experts keep telling us, that we are in or entering an economic downturn.
Michael J. Panzner
