Is Maine in a Recession?
The latest data from the Federal Reserve Bank of Philadelphia suggests that Maine’s economy has slipped into a recession. Their State Coincident Index is a broad measure of economic activity as noted in a previous blog. As of June, 2008, Maine’s index was 145.35 which is 0.41 percent lower than the index in June, 2007 (145.95). The only other New England state with a worse reading is Rhode Island whose index fell by 5.35 percent over the same time period. Not surprisingly, New Hampshire has the strongest growth of 2.47 percent followed by Massachusetts (2.04 percent), Connecticut (1.48 percent) and Vermont (0.46 percent).
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