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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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