Federal Reserve Bank of New York – Jason Bram and James Orr
“The January Indexes of Coincident Economic Indicators (CEIs) for New York State, New York City, and New Jersey, released today, show fairly robust economic growth entering 2012. Importantly, this months release incorporates the annual benchmark employment revisions for 2010 and 2011, with the revised indexes revealing that the regional economy had more momentum in the second half of 2011 than previously thought…The CEIs indicate that economic growth picked up in January 2012 across the region. In New York State, activity bottomed out at the end of 2009, growing in fits and starts since then. While activity actually stalled a bit last fall, New York States economy still managed to grow at an average rate of 2 to 3 percent in both 2010 and 2011. Growth in the state spiked up to a 6 percent annual rate in January 2012. The current level of activity, however, remains well below the states previous 2008 peak.”
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