Fed report shows Delaware trailing its neighbors

The economy's getting better in Delaware, but still can't seem to gain as much momentum as its neighbors, according to a new report by the Federal Reserve Bank of Philadelphia.

The state's "coincident index," a measure of current conditions, rose 0.4 percent in April, and now stands at 140.1, well below indexes elsewhere in the region. "Payroll employment increased, while the unemployment rate decreased" in Delaware, the report said. "Average hours worked in manufacturing were relatively flat. Overall, Delaware's economic activity as measured by the coincident index has risen 2.1 percent over the past 12 months."

Nearby Pennsylvania's index rose 0.6 percent to 144, and has jumped 5 percent in the past year. New Jersey was up 0.2 percent to 148.3, rising 1.4 percent in a year.

Nationwide, the index stands at 153.5. The index measures nonfarm payroll employment, average hours worked in manufacturing, the unemployment rate, and wage and salary disbursements deflated by the consumer price index.

http://www.delawareonline.com/apps/pbcs.dll/article?AID=/201105260345/BUSINESS/105260323