A positive index number projects positive economic growth for the next 6 months. The August 2012 was 0.9 versus 0.8 for July and 0.9 for June.
Follow up:Per the Philly Fed:
The Federal Reserve Bank of Philadelphia has released the leading indexes for the 50 states for August 2012. The indexes are a six-month forecast of the state coincident indexes (also released by the Bank). Thirty-five state coincident indexes are projected to grow over the next six months, while 15 are projected to decrease. For comparison purposes, the Philadelphia Fed has also developed a similar leading index for our U.S. coincident index, which is projected to grow 0.9 percent over the next six months.
This index is subject to backward revision.