By Jim Haughey, Reed Construction Data Economic activity expanded in twenty-seven states in the three months through March January which is persistent enough to assure that a sustained recovery is underway. The economic activity index increased in forty-one state in March from February with the declines in the nine remaining states very marginal. The rise in the state economic activity indexes is consistent with March national data for jobs, consumer spending and factory production which all improved. A broader and stronger expansion likely occurred in April based on early reports for jobs and consumer spending.
The growth rates are the state economic growth indexes calculated by the Philadelphia Federal Reserve Bank from state employment and income data which are benchmarked to approximately track national GDP growth. State growth rates are well below the national growth rate. Most of the 4th quarter gain in GDP and a large share of expected GDP growth in the first quarter were due to reduced inventory absorption. This data is not available at the state level.
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