A Widespread Recession
Economic conditions remained weak across much of the nation in September, according to the newest State Coincident Indexes Report prepared by the Federal Reserve Bank of Philadelphia.
In September coincident indexes moved in a negative direction in 39 states and in a positive direction in nine states (ID, IN, LA, MT, ND, OH, SD, TN, VT). No changes occurred in either North Carolina or Nebraska.
The map to the right, which is taken from the Reserve Bank’ survey, shows the three-month changes in coincident indicators by state. Positive numbers denote improvements in economic conditions, and negative numbers refer to declines.
Over the last three months,coincident indexes decreased in 41 states, rose in seven states (IN, MT, ND, OH, SD, TN, VT) and held steady in two states: Nebraska and South Carolina.
During the same period, North Carolina’s coincident index moved in a slightly negative direction, suggesting that economic conditions continued to deteriorate.