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

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Author Info

  • Jason Bram
  • James Orr
  • Robert Rich
  • Rae Rosen
  • Joseph Song

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.

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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): 15 (2009)
Issue (Month): Sep ()
Pages:

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Handle: RePEc:fip:fednci:y:2009:i:sep:n:v.15no.5

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

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Cited by:
  1. Richard Deitz & Andrew F. Haughwout & Charles Steindel, 2010. "The recession's impact on the state budgets of New York and New Jersey," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 16(Jun/Jul).
  2. Eric Doviak & Sean MacDonald, 2010. "Forecasting the New York State Economy with "Terraced" VARs and Coincident Indices," New York Economic Review, New York State Economics Association (NYSEA), vol. 41(1), pages 14-34.
  3. James Orr & John Sporn, 2012. "The American Recovery and Reinvestment Act of 2009: a review of stimulus spending in New York and New Jersey," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 18(Sept).

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