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15 posts on "New York"

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 17, 2012

Just Released: December Empire State Manufacturing Survey

Jason Bram and Richard Deitz

Issued this morning, the December 2012 Empire State Manufacturing Survey report suggests that manufacturing activity continued to decline modestly in New York State, with only moderate lingering effects from superstorm Sandy. The headline general business conditions index, which gives a broad reading on overall manufacturing activity for the state, remained negative for a fifth consecutive month. The level of this index has fluctuated between -5 and -10 over the five-month interval, and has changed little since the storm. Specific activity indexes for December were mixed. The measure for new orders dipped below zero but only slightly, while the shipments index remained in positive territory. However, the indexes for both the number of employees and the average workweek were more negative.

Continue reading "Just Released: December Empire State Manufacturing Survey" »

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

November 28, 2012

Just Released: New York’s Latest Beige Book Report Points to Weakening in the Aftermath of Superstorm Sandy

Jaison R. Abel and Jason Bram

The regional economy experienced a weakening in the aftermath of superstorm Sandy, according to the New York Fed’s latest Beige Book report. Eight times a year, each of the nation’s twelve Federal Reserve Banks produces a report on current economic conditions in its District, based on largely anecdotal information obtained from a variety of regional business contacts. The New York Fed’s report covers New York State, northern New Jersey, and southwestern Connecticut.

Continue reading "Just Released: New York’s Latest Beige Book Report Points to Weakening in the Aftermath of Superstorm Sandy" »

Posted by Blog Author at 2:15 PM in New York, Regional Analysis, Sandy | Permalink | Comments (0)

May 30, 2012

Just Released: Regional Economic Press Briefing on Job Polarization and Rising Inequality

Jaison R. Abel and Richard Deitz

Over the past three decades, the United States has seen substantial growth in both high- skill and low-skill jobs, while growth of those in the middle has stagnated. At the same time, a growing gap in wages between jobs that pay the most and those that pay the least has emerged. As we discussed in a previous blog post, this combination of trends is often referred to as job polarization, and it is happening in much of the developed world. In this post, we examine the extent to which job polarization has occurred in upstate New York, downstate New York, and Northern New Jersey. We find that job polarization has been significant in all of these places, contributing to a sharper than average rise in inequality in downstate New York and Northern New Jersey.

Continue reading "Just Released: Regional Economic Press Briefing on Job Polarization and Rising Inequality" »

Posted by Blog Author at 2:30 PM in Inequality, Labor Economics, New York, Regional Analysis, Wages | Permalink | Comments (1)

May 09, 2011

The Great Recession and Recovery in the Tri-State Region

Jason Bram and James Orr

In 2008, as the financial crisis unfolded and the U.S. economy tumbled into a sharp recession, the outlook for the tri-state region (New York, New Jersey, and Connecticut) and especially New York City—the heart of the nation's financial industry—looked grim. Regional economists feared an economic downturn as harsh as the one in 2001, or the even deeper recession of the early 1990s. Now, as the recovery takes hold, we can report that although the economic downturn was severe in the region, with the unemployment rate surging above 9 percent in many places, it was less severe than many had anticipated. This post—which is based on the New York Fed’s May 6 Regional Economic Press Briefing—recaps how the Great Recession affected employment across the region, how the ensuing recovery has progressed, and what the prospects are for job growth as we go forward.


Continue reading "The Great Recession and Recovery in the Tri-State Region" »

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Asani Sarkar, all economists in the Bank’s Research Group.

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