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The Region

Learn more about the communities we serve within the Second District—including New York State, the 12 northern counties of New Jersey and Fairfield County in Connecticut.

Features

Encouraging Small Business Success in New York City and Northern New Jersey: What Firms Value Most Presents the findings of a study sponsored by the Citizens Budget Commission and the Federal Reserve Bank of New York to identify the needs of small businesses.

District Profiles Provides brief social, economic, and demographic profiles of metropolitan areas within the Second District.

Second District Metro Areas Provides an overview of the Second Federal Reserve District, delineating metropolitan areas in New York State, northern New Jersey and Fairfield County, Connecticut.

Research Highlights

Employment in the New York-New Jersey Region: 2008 Review and Outlook The 2007 slowing in job growth in the New York–New Jersey region continued through August 2008. A projected weakening in the national economy through the end of 2008 combined with the market turmoil affecting New York City’s finance sector suggests that the region will post substantially smaller job gains this year than it did in 2007. By Jason Bram, James Orr, and Rae Rosen, Current Issues in Economics and Finance Second District Highlights (14) 7, September/October 2008

The Price of Land in the New York Metropolitan Area The authors rely on a unique data set to calculate and analyze the price of vacant land in the New York metro area between 1999 and mid-2006. By Andrew Haughwout, James Orr, and David Bedoll, Current Issues in Economics and Finance Second District Highlights (14) 3, April/May 2008

Current Economic Indicators

Empire State Manufacturing Survey The survey indicates that conditions for New York manufacturers continued to deteriorate in November. The general business conditions index slipped 0.8 point, to -25.4—a record low in this survey’s seven-year history. November 17, 2008

Index of Coincident Economic Indicators Our Indexes of Coincident Economic Indicators (CEI) for October show continued modest growth in activity in New York City, a leveling in activity in New York State, and continued decline in activity in New Jersey. For October 2008, released November 2008

Beige Book The Second District's economy has weakened since the last report. Manufacturers report that business activity declined moderately in September and early October, while non-manufacturing firms report more widespread softening in activity and anticipate cutbacks in employment levels. October 15, 2008

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