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Economic Perspectives

Unemployment Not Only Falling, but also Narrowing
across the FHLBNY District

Authored by Brian Jones, FHLBNY Financial Economist


November 30, 2018

  • National Joblessness at a 49-Year Low; All But Seven States Operating at or Through Full Employment
  • Labor Markets in New York Tightest in FHLBNY District; Dispersion Across Counties Narrowest Ever
  • Unemployment Has Fallen Sharply Across New Jersey Counties, But Distribution Remains Wide
  • Range of Unemployment Rates Across Puerto Rican Municipalities Widest in FHLBNY Coverage Area
  • With Unemployment Expected to Move Lower, Prospective Wage Gains Should Be Widely Disbursed

While the 2.3% annualized growth rate of real GDP over the course of the current business cycle upturn has been barely half that of prior post-World War II expansions, the reduction in unemployment since the economy troughed in June 2009 has been truly impressive…

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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