Meanwhile the coincident economic activity index for the overall U.S. economy is still about 2% below the peak in late 2007. Drill, drill, drill = shovel ready jobs, jobs, jobs.

 

By Mark J. Perry at Carpe Diem

 

 

The Philadelphia Federal Reserve released February Coincident Economic Activity Indexes today for all 50 states along with a national coincident index, based on four economic indicators: a) nonfarm payroll employment, b) the unemployment rate, c) average hours worked in manufacturing, and d) wages and salaries.  The chart above displays the indexes for North Dakota and the United States over the last ten years, showing that the economic activity in North Dakota is completely “off the charts,” along with the state’s oil production, which is also showing explosive growth and driving economic growth in the “miracle state.”  Even the “worst recession since the Great Depression” barely affected the shale oil-based economic activity in the Peace Garden State, and the February coincident index is 22% above the pre-recession level.  Meanwhile the coincident economic activity index for the overall U.S. economy is still about 2% below the peak in late 2007. Drill, drill, drill = shovel ready jobs, jobs, jobs.

 

 

 
Administration Oil Strategy Contributes to Price Increases

Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota.

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