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19 posts on "New York"

July 10, 2014

At the N.Y. Fed: Conference Highlights Financing Tools for New York’s Food and Beverage Firms

Richard Deitz and Shira Gans

With more than 35,000 farms and $5.5 billion in annual sales, the agriculture industry is an important part of the New York State economy. New York produces a wide array of agricultural goods, from dairy products (the state has the third largest dairy industry in the country) to fruits and vegetables, livestock, and even fish. It is also a growing industry: agricultural exports, for example, have more than doubled in the state since 2000. And the action isn’t just on farms: agriculture reaches into many other parts of the economy, such as farmers’ markets, food manufacturing and processing firms, restaurants, and agritourism.

     Recognizing that firms that make, process, and sell agricultural products play an important role in the state’s economy, the Regional and Community Outreach team at the New York Fed recently held a conference for N.Y. food and beverage firms on accessing capital, co-sponsored by Empire State Development and the New York State Department of Agriculture and Markets. The goal of the event, which was held on June 24, was to provide information about the wide array of financing available for these firms, and to help them decide which types of financing would best suit their credit needs. The conference also highlighted opportunities in international markets, and identified financing tools available to assist firms with exporting their goods abroad.

Continue reading "At the N.Y. Fed: Conference Highlights Financing Tools for New York’s Food and Beverage Firms" »

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

May 21, 2014

Just Released: What Kinds of Jobs Have Been Created during the Recovery?

Jaison R. Abel and Richard Deitz

At today’s regional economic press briefing, we provided an update on economic conditions in New York, northern New Jersey, and Puerto Rico, with a special focus on the kinds of jobs that have been created in each of these places during the recovery. Led by New York City, economic activity has continued to expand in most parts of the region. As a result, a growing number of places have now gained back, or are close to gaining back, all of the jobs that were lost during the Great Recession. That said, not all the news was positive. Economic conditions appear to have weakened somewhat in northern New Jersey during the first few months of 2014, in part due to the harsh winter weather earlier this year. And a few places remain very weak. In particular, Binghamton, Elmira, Utica, and Puerto Rico have yet to see any meaningful jobs recovery.

Continue reading "Just Released: What Kinds of Jobs Have Been Created during the Recovery?" »

Posted by Blog Author at 12:00 PM in New York, Puerto Rico, Regional Analysis | Permalink | Comments (0)

July 22, 2013

Just Released: Mapping Changes in School Finances

Rajashri Chakrabarti and Max Livingston

This morning, the New York Fed released a set of interactive maps and charts illuminating school finances in New York and New Jersey. These user-friendly graphics illustrate the progression of various school finance indicators over time. They also make clear the large variability in finances across districts and states.  

Continue reading "Just Released: Mapping Changes in School Finances" »

Posted by Blog Author at 7:02 AM in Education, Fed Funds, New York, Recession, Regional Analysis | Permalink | Comments (1)

April 10, 2013

Foreclosures Loom Large in the Region

Jaison R. Abel and Richard Deitz

Households in the New York-northern New Jersey region were spared the worst of the housing bust and have generally experienced less financial stress than average over the past several years. However, as the housing market has begun to recover both regionally and nationally, the region is faring far worse than the nation in one important respect—a growing backlog of foreclosures is resulting in a foreclosure rate that is now well above the national average. In this blog post, we describe this outsized increase in the region’s foreclosure rate and explain why it has occurred. We then discuss why the large build-up in foreclosures could cause a headwind for home-price gains in the region.

Continue reading "Foreclosures Loom Large in the Region" »

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.

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