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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

New York Fed announces creation of Upstate New York Regional Advisory Board December 22, 2008

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

Is the Worst Over? Economic Indexes and the Course of the Recession in New York and New Jersey Using coincident indexes composite measures that gauge the level of current economic activity for New York State, New York City and New Jersey, authors Jason Bram, James Orr, Robert Rich, Rae Rosen and Joseph Song analyze the areas most recent recession and provide an update on the regional economy as of July 2009. September 28, 2009

A Look at Upstate New York's Subprime Mortgages in Foreclosure Subprime mortgage conditions remain a concern upstate. Analyzing a subset of these loans, this report finds that six counties with large urban centers account for about half of the securitized, subprime residential first lien loans in foreclosure. When the foreclosure levels are scaled to housing density, however, the relative severity of these concentrations declines. Moreover, the loan characteristics of these mortgages in foreclosure reveal striking similarities in underwriting patterns across the region.

Current Economic Indicators

Index of Coincident Economic Indicators December's CEI shows a contraction in economic activity in New York State, New York City and New Jersey. While there had been preliminary indications of some leveling off of activity in the region during the summer, subsequent data releases point to continued declines. For December 2009, posted January 2010

Empire State Manufacturing Survey The survey indicates that conditions for New York manufacturers improved for the sixth consecutive month in January. The general business conditions index climbed 11 points, to 15.9. January 15, 2010

Beige Book The Second District's economy has shown further signs of improvement since the last report, with indications of a modest pickup in the labor market; prices remain relatively stable. Business contacts, in general, report some expansion in activity, with manufacturing contacts also indicating that they are adding workers. January 13, 2010

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