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16 posts on "New Jersey"

June 16, 2017

Just Released: June Regional Business Surveys Paint a Mixed Picture



LSE_Just Released: June Regional Business Surveys Paint a Mixed Picture

Yesterday’s June Empire State Manufacturing Survey pointed to a significant increase in regional manufacturing activity. However, our parallel survey for the region’s service sector, the June Business Leaders Survey, released today, paints a somewhat dreary picture of regional service-sector activity. These two surveys, taken together, suggest that economic conditions in the New York-Northern New Jersey region are mixed.

Continue reading "Just Released: June Regional Business Surveys Paint a Mixed Picture" »

Posted by Blog Author at 8:45 AM in New Jersey, New York, Regional Analysis | Permalink | Comments (0)

August 26, 2015

Just Released: An Update on Regional Economic Conditions Provided at Our Economic Press Briefing



Today’s Economic Press Briefing at the New York Fed presented our economic outlook for New York, Northern New Jersey, and Puerto Rico. We showed that many parts of the region have bounced back quite well from the Great Recession and are growing at a solid clip, including New York City, Buffalo, and Albany. The picture is a bit different in other parts of the region, though. In both Northern New Jersey and the Lower Hudson Valley, employment has been growing steadily, but jobs are still not back to their pre-recession peak. And there are also pockets of significant weakness, such as Binghamton, Puerto Rico, and the U.S. Virgin Islands, which have yet to show any meaningful signs of recovery.

Continue reading "Just Released: An Update on Regional Economic Conditions Provided at Our Economic Press Briefing" »

Posted by Blog Author at 10:00 AM in Employment, New Jersey, New York, Puerto Rico, Regional Analysis | Permalink | Comments (0)

January 16, 2015

Just Released: January Business Leaders Survey Indicates Regional Business Conditions Are Finally Back to Normal



The New York Fed’s January Business Leaders Survey indicates that the regional economy kicked off the New Year on a positive note. This monthly survey—which covers firms in the service sector in New York State, northern New Jersey, and southwestern Connecticut—dates back to 2004, and this month marks the one-year anniversary of its public release. In addition to showing a solid increase in regional economic activity, employment, and wages, January’s survey signals that the regional economy has reached an important milestone: firms are saying that business conditions are finally back to normal for the first time since before the Great Recession.

Continue reading "Just Released: January Business Leaders Survey Indicates Regional Business Conditions Are Finally Back to Normal" »

Posted by Blog Author at 8:45 AM in New Jersey, Regional Analysis | Permalink | Comments (0)

July 18, 2014

Historical Echoes: The Worst Bank Robbers in Mendham, New Jersey

Megan Cohen

There are many methods by which financial institutions can ready themselves for worst-case scenarios: they participate in the federal deposit insurance system, they follow a variety of banking regulations, and they prepare for natural disasters, for starters. But what about bank robberies, which typically strike their targets with little or no warning?

Continue reading "Historical Echoes: The Worst Bank Robbers in Mendham, New Jersey" »

Posted by Blog Author at 7:00 AM in Historical Echoes, New Jersey | Permalink | Comments (0)

September 25, 2013

Catching Up or Falling Behind? New Jersey Schools in the Aftermath of the Great Recession

Rajashri Chakrabarti and Max Livingston

Today’s post, which complements Monday’s on New York State and a set of interactive graphics released by the New York Fed earlier, assesses the effect of the Great Recession on educational finances in New Jersey. The Great Recession severely restricted state and local funds, which are the main sources of funding for schools. To help avoid steep budget cuts to schools, the federal government allocated $100 billion for education as part of the American Recovery and Reinvestment Act of 2009 (ARRA), also known as the stimulus. The stimulus money was meant to provide temporary relief to strained state and local budgets. However, after the stimulus funds were exhausted, the economy was still weak and school districts were faced with large budget shortfalls.

Continue reading "Catching Up or Falling Behind? New Jersey Schools in the Aftermath of the Great Recession" »

Posted by Blog Author at 7:00 AM in Great Recession, New Jersey, Recession | Permalink | Comments (0)

August 07, 2013

Could Superstorm Sandy Stimulate the Region's Economy?

Jaison R. Abel, Jason Bram, Richard Deitz, James Orr, Kaivan K. Sattar, and Eric Stern

The New York metro region’s recovery from Superstorm Sandy is well under way. Spending on restoration and rebuilding activities following a natural disaster is a potentially powerful economic stimulus to the affected area. Indeed, money from outside the region—in the form of federal aid and private insurance payments—flowing to the damaged areas in the region gives a temporary boost to economic activity. But does this mean that Sandy—along with the federal aid and insurance payouts associated with it—was actually good for the region’s economy? In this post, we examine the nature and magnitude of the stimulus the New York metro region is receiving as it recovers from Sandy and provide some thoughts on how the economy may be affected over the longer term by rebuilding activities.

Continue reading "Could Superstorm Sandy Stimulate the Region's Economy?" »

Posted by Blog Author at 7:00 AM in New Jersey, Regional Analysis, Sandy | Permalink | Comments (0)

February 06, 2013

How Did Education Financing in New Jersey’s Abbott Districts Fare during the Great Recession?

Rajashri Chakrabarti and Sarah Sutherland

In the state of New Jersey, any child between the ages of five and eighteen has the constitutional right to a thorough and efficient education. The state also has one of the country’s most rigid policies regarding a balanced budget. When state and local revenues took a big hit in the most recent recession, officials had to make tough decisions about education spending. In this post, we analyze education financing and spending in two groups of high-poverty districts during the Great Recession and the ARRA (American Recovery and Reinvestment Act of 2009) federal stimulus period—the Abbott and Bacon districts. Analysis in our recent New York Fed staff report shows that the Abbott districts exhibited the sharpest declines—relative to trend—in both total funding and total spending per pupil during the post-recession era. Additionally, the Abbott districts were the only group of districts in New Jersey to present statistically significant negative shifts in instructional spending, even with the federal stimulus.

Continue reading "How Did Education Financing in New Jersey’s Abbott Districts Fare during the Great Recession?" »

January 16, 2013

How Severe Was the Credit Cycle in the New York-Northern New Jersey Region?

Jaison R. Abel and Richard Deitz

U.S. households accumulated record-high levels of debt in the 2000s, and then began a process of deleveraging following the Great Recession and financial crisis. In some parts of the country, the rise and fall in household indebtedness was quite a bit sharper than in others. In this post, we highlight some of our research examining the magnitude of the recent credit cycle, and focus on how significant it’s been in New York State and northern New Jersey. Compared with the nation as a whole, we find that the region experienced a relatively mild credit cycle, although pockets of elevated household financial stress exist.

Continue reading " How Severe Was the Credit Cycle in the New York-Northern New Jersey Region?" »

December 21, 2012

The Path of Economic Recovery from Superstorm Sandy

Jaison R. Abel, Jason Bram, Richard Deitz, and James Orr

Superstorm Sandy caused damage and disruption to a wide swath of the New York-New Jersey region. The high winds and storm surge resulted in significant physical damage to residential property, commercial real estate, and the power and transportation infrastructure. Everyday activities such as commuting, shopping, and traveling were impeded or in some cases prevented. As a number of communities across the region continue to cope with the damage and ongoing disruptions, there’s concern about if and when activity will return to normal.

Continue reading "The Path of Economic Recovery from Superstorm Sandy" »

Posted by Blog Author at 7:00 AM in New Jersey, Regional Analysis, Sandy | Permalink | Comments (2)

December 18, 2012

The Welfare Costs of Superstorm Sandy

Jaison R. Abel, Jason Bram, Richard Deitz, and James Orr

As most of the New York metropolitan region begins to get back to normal following the devastation caused by superstorm Sandy, researchers and analysts are trying to assess the total “economic cost” of the storm. But what, exactly, is meant by economic cost? Typically, those tallying up the economic cost of a disaster think of two types of costs: loss of capital (property damage and destruction) and loss of economic activity (caused by disruptions). But there is another important type of economic loss that often is not estimated or discussed in policymaking decisions: loss of welfare or deterioration in quality of life. Here we focus on how superstorm Sandy (and other such disasters) can have widespread adverse effects on quality of life, and provide some illustrations of how one can try to put an approximate dollar value on this type of cost.

Continue reading "The Welfare Costs of Superstorm Sandy" »

Posted by Blog Author at 7:00 AM in Corporate Finance, New Jersey, Regional Analysis, Sandy | Permalink | Comments (0)
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