Baumeister, ChristianeLeiva-Leon, DaniloSims, Eric2024-09-172024-09-172024-03Baumeister, C., Leiva-León, D. & Sims, E. 2024, 'Tracking weekly state-level economic conditions', Review of Economics and Statistics, vol. 106, no. 2, pp. 483-504, doi : 10.1162/rest_a_01171.0034-6535 (print)1530-9142 (online)10.1162/rest_a_01171http://hdl.handle.net/2263/98252This paper develops a novel dataset of weekly economic conditions indices for the 50 U.S. states going back to 1987 based on mixed-frequency dynamic factor models with weekly, monthly, and quarterly variables that cover multiple dimensions of state economies. We find considerable cross-state heterogeneity in the length, depth, and timing of business cycles. We illustrate the usefulness of these state-level indices for quantifying the main contributors to the economic collapse caused by the COVID-19 pandemic and for evaluating the effectiveness of the Paycheck Protection Program. We also propose an aggregate indicator that gauges the overall weakness of the U.S. economy.en© 2022 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.Economic conditions indicesLocal economic conditionsGovernment policiesWeekly indicatorsState economiesCross-state heterogeneityMixed-frequency dynamic factor modelEconomic weakness indexMarkov-switchingRecession probabilitiesPreprint Article