In September the output strengthened in 39 US states up from August with some of the best gainers concentrated in northeastern territories including Massachusetts, New York, and New Jersey, a Fed proxy showed.
Readings weakened in 8 states, with the steepest fall in tourism-dependent Hawaii, and remained stable in 3 as Q-3 closed, according to the Philadelphia Fed’s State Coincident Indexes report released Friday.
Longer term, several states have almost fully rebounded back to their pre-Covid-19 marks. Nebraska, Utah and Missouri came back in September to within 1% of their February readings, while Georgia, Kentucky, Montana and Oklahoma were less than 2 pts away.
The indexes combine 4 state-level indicators: payroll employment, manufacturing hrs worked, the jobless rate, and wages paid to summarize current economic conditions.
Over the past 3 months, the Fed’s national index has increased by 2.3% as 48 states showed improvement and just 2 saw declines: Hawaii and New Mexico.
Friday, the benchmark US stock market indexes finished at: DJIA -28.09 at 28335.51, NAS Comp +42.28 at 11548.21, S&P 500 +11.90 at 3465.39
Volume: Trade on the NYSE came in light at 722-M shares exchanged
HeffX-LTN’s overall technical analysis for the major US stock market indexes for the week ended 23 October 2020 is Bullish with a Very Bullish bias.
- NAS Comp +28.7% YTD
- S&P 500 +7.3% YTD
- DJIA -0.7% YTD
- Russell 2000 -1.7% YTD
Looking Ahead: Investors will receive New Home Sales for September Monday.
Have a healthy weekend, Keep the Faith!