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Economic Perspectives

Gauging Local Economic Performance Since the Great Recession

Authored by Brian Jones, FHLBNY Financial Economist


Highlights

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…

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