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Economic Perspectives

Gauging Local Economic Performance Since the Great Recession

Authored by Brian Jones, FHLBNY Financial Economist


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…

Disclaimer. The Federal Home Loan Bank of New York (“FHLBNY”) is providing this report for informational purposes only. This report should not be construed as an opinion, recommendation, or solicitation regarding the use of any financial strategy and/or the purchase or sale of any financial instrument. The recipients of this report are advised to conduct their own independent due diligence and consult with financial advisors, accountants, and attorneys before making any investment, credit, or any other financial decisions. FHLBNY does not warrant the completeness or accuracy of this report. The past performance of any FHLBNY service or product should not be viewed as a guarantee of future results. The information contained in this report, as well as the services and products provided by the FHLBNY, may change at any time without notice.

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