States with growing job activity falls below 35, you can count on a recession.

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 The little-noticed Philadelphia Fed state coincident index is a composite of four employment indicators from all 50 states. It’s little noticed because 1) the numbers can be expressed on a chart a couple of different ways (long story) and 2) the numbers are frequently subject to revision after the fact.

Too bad: Whenever the number of states with growing job activity falls below 35, you can count on a recession.



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