ABSTRACT
Subnational developments, while typically of limited interest to financial markets, may receive considerable media and official attention. Analysts are often asked to examine state and local economies. The availability of timely reliable data for states is dramatically less than for the nation as a whole, and is even more limited for localities, though some key numbers are compiled. As is the case for the nation, the richest set of data is for the labor market. Bureau of Labor Statistics (BLS) compiles state labor market data that are comparable to the national figures. BLS issues monthly consumer price index (CPIs) for a number of major metropolitan regions. In general, differences between CPI growth between regions primarily reflect different paths for housing costs. The state estimates are derived from applying detailed regional CPI price data to regional consumer expenditure patterns to produce relevant price indexes.
