Tracking Weekly State-Level Economic Conditions

Christiane Baumeister, Danilo Leiva-Leon () and Eric Sims ()

The Review of Economics and Statistics, 2024, vol. 106, issue 2, 483-504

Abstract: This paper develops a novel dataset of weekly economic conditions indices for the 50 U.S. states going back to 1987 based on mixed-frequency dynamic factor models with weekly, monthly, and quarterly variables that cover multiple dimensions of state economies. We find considerable cross-state heterogeneity in the length, depth, and timing of business cycles. We illustrate the usefulness of these state-level indices for quantifying the main contributors to the economic collapse caused by the COVID-19 pandemic and for evaluating the effectiveness of the Paycheck Protection Program. We also propose an aggregate indicator that gauges the overall weakness of the U.S. economy.

Date: 2024
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https://doi.org/10.1162/rest_a_01171
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Related works:
Working Paper: Tracking weekly state-level economic conditions (2021)
Working Paper: Tracking Weekly State-Level Economic Conditions (2021)
Working Paper: Tracking Weekly State-Level Economic Conditions (2021)
Working Paper: Tracking weekly state-level economic conditions (2021)
Working Paper: Tracking Weekly State-Level Economic Conditions (2021)
Working Paper: Tracking Weekly State-Level Economic Conditions (2021)
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