Current Issues in Economics and Finance
Second District Highlights

Employment in the New York–New Jersey Region: 2008 Review and Outlook

September/October 2008Volume 14, Number 7
JEL classification: R10, R11

Authors: Jason Bram, James Orr, and Rae Rosen

The 2007 slowing in job growth in the NewYork–NewJersey region continued through August 2008. A projected weakening in the national economy through the end of 2008 combined with the market turmoil affecting NewYork City’s finance sector suggests that the region will post substantially smaller job gains this year than it did in 2007. Beyond 2008, continued financial stress could lead to an even sharper and more protracted contraction in the city’s finance sector, potentially spreading to other sectors of the region’s economy.

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