The New York Fed just released its August Index of Coincident Economic Indicators (CEI), a reading of economic activity across New York city, New Jersey, and New York state as a whole.
New York City’s local economy has been growing at a strong and consistent pace.
“Growth averaged roughly 2½ per cent in the second half of 2011, 4½ per cent in the first half of 2012, and more than 5½ per cent in July and August. The economy is estimated to have expanded by 12 per cent since the trough of the last economic downturn in October 2009.”
Meanwhile, New York state has grown in “fits and starts”, while New Jersey has grown at a modest pace so far this year.
Here is the latest chart from the New York Fed that shows that in August New York City’s CEI increased at an annual rate of 5.8 per cent, compared with 1 per cent for New York state, and 1.3 per cent for New Jersey.
Photo: New York Federal Reserve
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