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The Regional Economy during the Pandemic

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Abstract

The New York-Northern New Jersey region experienced an unprecedented downturn earlier this year, one more severe than that of the nation, and the region is still struggling to make up the ground that was lost. That is the key takeaway at an economic press briefing held today by the New York Fed examining economic conditions during the pandemic in the Federal Reserve’s Second District. Despite the substantial recovery so far, business activity, consumer spending, and employment are all still well below pre-pandemic levels in much of the region, and fiscal pressures are mounting for state and local governments. Importantly, job losses among lower-wage workers and people of color have been particularly consequential. The pace of recovery was already slowing in the region before the most recent surge in coronavirus cases, and we are now seeing signs of renewed weakening as we enter the winter.

Suggested Citation

  • Jaison R. Abel & Jason Bram & Richard Deitz & Jonathan Hastings, 2020. "The Regional Economy during the Pandemic," Liberty Street Economics 20201202, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednls:89110
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    More about this item

    Keywords

    labor market; job growth; unemployment;
    All these keywords.

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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