California ranked as nation’s 5th fastest-growing economy

California’s business climate may be cooling, but the state is still among the nation’s swiftest-growing economy.

An intriguing collection of indexes produced by The Federal Reserve Bank of Philadelphia tracks relative economic performances among the states by using data that mimics growth and contraction in regional business output.

By this math, California’s economy grew 4.7 percent in the 12 months ended in February, a pace topped only by No. 1 Tennessee then Alabama, Nevada and...

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