ECONOMIC PERSPECTIVES
GAUGING LOCAL ECONOMIC PERFORMANCE SINCE THE GREAT RECESSION
Authored by Brian Jones, FHLBNY Financial Economist

Highlights: 

October 15, 2018 

  • Indexes of Hours Worked Can Provide Timely Readings on Current Economic Activity
  • Activity in Most of the FHLBNY’s District Has Lagged Behind Nation Since the Financial Crisis
  • Underperformance of Empire State Reflects Sluggish Activity Outside New York City
  • Excluding the Big Apple, Activity Has Varied Widely Across New York State During the Expansion
  • Divergences in Relative Economic Performance in New Jersey Slightly Narrower than in New York

Real gross domestic product (GDP) - the inflation-adjusted value of all final goods and services produced in the country - remains the most widely followed measure of overall economic performance. Released at the end of the first month after the quarter just passed, the Bureau of Economic Analysis' estimates...

 

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