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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

Foreclosure Prevention Workshop The workshop, sponsored by the Federal Reserve Bank of Boston, the HOPE NOW Alliance and NeighborWorks® America, will be held at the Connecticut Convention Center in Hartford, Connecticut, on Saturday, February 14, from 10 a.m to 4 p.m.

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.

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

Current Economic Indicators

Empire State Manufacturing Survey The survey indicates that conditions for New York manufacturers improved in November, but at a somewhat slower pace than in October. The general business conditions index fell 11 points, to 23.5. November 16, 2009

Index of Coincident Economic Indicators September's CEI shows continued modest improvement in economic activity in New York State and New York City and continued decline in New Jersey. For September 2009, posted October 2009

Beige Book The Second District's economy has shown scattered signs of a pickup since the last report. The labor market has given mixed signals, with some signs of strengthening in manufacturing, but ongoing weakness in hiring in other sectors. Consumer confidence, though still low, has moved up moderately. October 21, 2009

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