PHILADELPHIA – Rhode Island’s economy shrank in July, according to data from the Federal Reserve Bank of Philadelphia.
The Philadelphia Fed tracks four economic indicators month-by-month across every state and compiles them into one statistic called the coincident index, meant to give an overall sense of each state’s economic activity.
Rhode Island’ coincident index dropped by about 0.2 percent in July. The state’s coincident index rose in June after falling from April to May.
Rhode Island was one of only nine states whose coincident index dropped in July. Three states saw their index stay stable while 38 states saw theirs increase. Massachusetts’ index also fell in July by about 0.1 percent. New Hampshire was New England’s strongest grower for the month, gaining 0.44 percent.
The national coincident index grew by about 0.2 percent in July.
The coincident index is comprised of nonfarm payroll employment, average hours worked in manufacturing, the unemployment rate, and wage and salary disbursements deflated by the consumer price index, according to the Philadelphia Fed’s website.