State Coincident Indexes

The Philadelphia Fed released its state level coincident indexes for May. Here's a description of the index, and here's a summary of the latest data:

May 2008: The Federal Reserve Bank of Philadelphia has released the coincident indexes for all 50 states for May 2008. The indexes increased in only six states for the month, decreased in 39, and were unchanged in the remaining five (a one-month diffusion index of -66). For the past three months, the indexes have increased in 12 states, decreased in 35, and were unchanged in the other three (a three-month diffusion index of -46).

It's informative, as Jim Hamilton recommends here, to look at how the index changes over time (e.g. see this graph from Jim Hamilton's post). Here are the graphs from January of 2005, 2006, and 2007, and the graphs for January through May of 2008. Basically, blue is good, darker blue is better, pink and red are bad, darker shading is worse  (be careful since the scales change between 2007 and 2008 from five to seven color gradations, but changes from a shade of blue to a shade of red still indicates the index went from positive to negative):

January 2005
January 2006
January 2007
January 2008
February 2008
March 2008
April 2008
May 2008