Jank,
Why do you believe that is the case? I am truly wondering, not being obstrusive.
When I read statements like this in that study...
"The one caveat I’ll mention is that these state-level leading indexes use “interest rate spreads” as part of the calculations. That is, they look at the difference between the interest rate that longer-term US Treasuries are paying versus very short-term ones. Because the Federal Reserve has intervened and lowered interest rates to essentially zero, using this kind of analysis as part of the equation can yield overly optimistic results."
....it makes me wonder if they are all being compared on equal footing. Secondly, it looks the economy that everyone is hearing that is rebounding so well, is really not doing well at all.