42 posts on "New Jersey"
August 27, 2020
Tracking the Spread of COVID‑19 in the Region
The New York Fed today unveiled a set of charts that track COVID-19 cases in the Federal Reserve’s Second District, which includes New York, Northern New Jersey, Fairfield County Connecticut, Puerto Rico, and the U.S. Virgin Islands. These charts, available in the Indicators section of our Regional Economy webpage, are updated daily with the latest data on confirmed COVID-19 cases from The New York Times, which compiles information from state and local health agencies. Case counts are measured as the seven-day average of new reported daily cases and are presented on a per capita basis to allow comparisons to the nation and between communities in the region. Recent data indicate that after spiking to extraordinary levels in April, new cases have remained relatively low and stable in and around New York City, and in upstate New York. By contrast, cases have been trending higher in Puerto Rico and the U.S. Virgin Islands since mid-July.
June 16, 2020
Finally, Some Signs of Improvement in the Regional Economy
The Federal Reserve Bank of New York’s June business surveys show some signs of improvement in the regional economy. Following two months of unprecedented decline due to the coronavirus pandemic, indicators of business activity point to a slower pace of contraction in the service sector and signs of a rebound in the manufacturing sector. Even more encouraging, as the regional economy has begun to reopen, many businesses have started to recall workers who were laid off or put on furlough since the start of the pandemic. Some have even hired new workers. Moreover, businesses expect to recall even more workers over the next month. Looking ahead, firms have become increasingly optimistic that conditions will improve in the coming months.
Posted at 8:30 am in Employment, Human Capital, Labor Market, New Jersey, New York, Pandemic, Regional Analysis, Unemployment | Permalink
June 24, 2019
Just Released: New Regional Employment Data Now Available
Regional employment data provided by the U.S. Bureau of Labor Statistics (BLS) are a critically important tool used to track and assess local economic conditions on a timely basis. However, the primary data used for this purpose are monthly survey-based estimates that are revised once per year, and these revisions can sometimes be substantial and surprising. As a result, initial readings of these data can lead to conclusions about employment trends that may later change. It is possible to anticipate these revisions in advance of their release using a second publicly available data set released by the BLS. Like some of our colleagues at other Federal Reserve Banks, the Federal Reserve Bank of New York is now performing an “early benchmark” of initial monthly employment releases throughout the year and making these benchmarked data available to the public on a monthly basis. Our early benchmarked estimates tend to more closely track revised data than the initial releases do, and can help policymakers and the public better monitor regional economic conditions on a timely basis.
April 18, 2019
Just Released: The New York Fed’s New Regional Economy Website
Jaison R. Abel, Jason Bram, Richard Deitz, and Jonathan Hastings The New York Fed today unveiled a newly designed website on the regional economy that offers convenient access to a wide array of regional data, analysis, and research that the Bank makes available to the public. Focusing specifically on the Federal Reserve’s Second District, which […]
Posted at 11:01 am in Employment, Labor Market, New Jersey, New York, Puerto Rico, Regional Analysis, Unemployment | Permalink
February 6, 2019
Where Are Manufacturing Jobs Coming Back?
As we outlined in our previous post, the United States lost close to six million manufacturing jobs between 2000 and 2010 but since then has gained back almost one million. In this post, we take a closer look at the geographic dimension of this modest rebound in manufacturing jobs. While job losses during the 2000s were fairly widespread across the country, manufacturing employment gains since then have been concentrated in particular parts of the country. Indeed, these gains were especially large in “auto alley”—a narrow motor vehicle production corridor stretching from Michigan south to Alabama—while much of the Northeast continued to shed manufacturing jobs. Closer to home, many of the metropolitan areas in the New York-Northern New Jersey region have been left out of this rebound and are continuing to shed manufacturing jobs, though Albany has bucked this trend with one of the strongest performances in the country.
November 19, 2018
“Skin in the Game,” Depositor Discipline, and Bank Risk Taking
In a previous post, we argued that double liability for bank owners might not limit their risk taking, despite the extra “skin in the game,” if it also weakens depositor discipline of banks. This post, drawing on our recent working paper, looks at the interplay of those opposing forces in the late 1920s when bank liability differed across states. We find that double liability may have reduced the outflow of deposits during the crisis, but wasn’t successful in mitigating bank risk during the boom.
Posted at 7:00 am in Banks, Economic History, Financial Intermediation, New Jersey, New York | Permalink | Comments (3)
June 16, 2017
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.
August 26, 2015
Just Released: An Update on Regional Economic Conditions Provided at Our Economic Press Briefing
Jaison R. Abel, Jason Bram, Richard Deitz, and James Orr 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 […]
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.
July 18, 2014
Historical Echoes: The Worst Bank Robbers in Mendham, New Jersey
There are many methods by which financial institutions can ready themselves for worst-case scenarios: they acquire FDIC insurance, they follow a variety of banking regulations, and they prepare for natural disasters, for starters.
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