Economic Perspectives

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

Authored by Brian Jones, FHLBNY Financial Economist

Highlights

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…

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