The Federal Reserve Bank of New York uses a coincident index to track the New York, New Jersey and New York City economies.
They define a coincident index as:
“A coincident index is a single summary statistic that tracks the current state of the economy. “
The Fed results share no analysis but state:
Our Indexes of Coincident Economic Indicators (CEI) for January show economic activity expanded at a brisk pace in New York State and New York City, but was essentially flat in New Jersey.