Is the worst over? Economic indexes and the course of the recession in New York and New Jersey

RePEc Short ID: pri146
ORCID iD: 0000-0002-2482-072X

Bram, Jason; Orr, James A.; Rich, Robert W.; Rosen, Rae D.; Song, Joseph

Journal Article

Is the worst over? Economic indexes and the course of the recession in New York and New Jersey

Abstract: The New York-New Jersey region entered a pronounced downturn in 2008, but the pace of decline eased considerably in spring 2009 and then leveled off in July, according to three key Federal Reserve Bank of New York economic indexes. These developments, in conjunction with a growing consensus that the national economy is headed for recovery, suggest that the worst may be over for the region's economy. However, a downsizing of the area's critical finance sector could pose a major risk to the economic outlook going forward--particularly for New York City.

Keywords: Economic conditions; Federal Reserve District, 2nd; Federal Reserve Bank of New York; Economic indicators;