Fed: Florida economy 2% better

The health of Florida's economy improved slightly over the past year, one economic index suggests.

On Friday, the Federal Reserve Bank of Philadelphia updated its State Coincident Indexes, which combine four economic indicators to provide a snapshot assessment of each state's economy.

Florida's index came in at 144.55 for December 2011, up 2.11% over the year.

The four factors on which the index is based are the unemployment rate; total payroll employment; hours of paid labor reported by manufacturers; and total wages paid.

The health of Florida's economy improved in each month in 2011, after falling steadily between March 2007 and February 2010. Prior to that decline, the last time Florida's index scored at roughly 144.5 — its December 2011 level — was in July 2003.

A score of 100 on the Fed's Coincident Index represents a level of economic output equal to that from July 1992.