The Federal Reserve Bank of Philadelphia has released the May 2016 coincident indexes, which shows that indexes increased in 38 states, decreased in eight, and remained stable in four, reports Calculated Risk blogger Bill McBride. Over the past three months, the indexes increased in 42 states, decreased in seven, and stayed stable in one.

Coincident Indexes combine data from non-farm payroll employment, average hours worked in manufacturing, the unemployment rate, and wage and salary disbursements deflated by the consumer price index (U.S. city average), and measures long term growth.

Wyoming, North Dakota, Louisiana, Alaska and Oklahoma have seen declines over the last six months, mostly due to the decline in oil prices.

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