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2 clusters · 4 sources · 9 days · First seen · Last updated

New York regional economic trends

Overview

Economic indicators for the New York region have shown diverging trends between sectors. Data from the New York Fed indicated that manufacturing conditions improved in October, with the Empire State Manufacturing Survey reaching its highest level since December 2021 due to increases in new orders and shipments. However, the service sector experienced a downturn, with the Business Leaders Survey reporting a drop in business activity to its lowest level since March.

Subsequent reports highlighted a significant downturn in New York City’s private sector, which lost over 30,000 jobs between August and September. These losses were most notable in the finance and tourism industries. City Comptroller Mark Levine described the local job market as having ‘hit a wall,’ noting that these declines occurred despite national GDP growth. Additionally, residents faced rising economic pressures, including inflation, increased rents, and significant hikes in energy prices.

Entities

Federal Reserve Bank of New York · New Jersey · New York · Connecticut · New York City

Timeline

  1. [BUSINESS] 2 sources
    New York City private sector loses 30,000 jobs in two months

    New York City's private sector lost over 30,000 jobs in August and September, driven by declines in finance and hospitality amid rising living costs.

  2. [BUSINESS] 2 sources
    New York economic indicators show mixed manufacturing and service sector trends

    New York manufacturing conditions reached their highest level since 2021, while the regional service sector turned pessimistic due to declining business activity and rising costs.

Sources

nypost.com · offthepress.com · pymnts.com · tokenpost.com