Economic Perspectives

Employment Conditions: As Goes the Nation, So Goes the FHLBNY District

Authored by Brian Jones, FHLBNY Financial Economist

Highlights

May 2018

• Hiring Slowed Across the FHLBNY District in March
• Job Creation Ground to a Near Halt in the Empire State
• Headcount Additions Remained Solid in the Garden State
• Puerto Rico and the Virgin Islands Posted Modest Job Gains
• Most of the FHLBNY Coverage Area is Operating at Full Employment
• Wage Gains in the District Have Lagged National Average

The pace of job creation slowed markedly across the country in March. Capped by a return to more seasonable temperatures during the reference period, nonfarm employers added a comparatively modest 103,000 persons to headcounts, after the eye-catching 326,000 surge posted in February…

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