Economic Perspectives

Gauging Local Economic Performance Since the Great Recession

Authored by Brian Jones, FHLBNY Financial Economist

Highlights

October 15, 2018

• Indexes of Hours Worked Can Provide Timely Readings on Current Economic Activity
• Activity in Most of the FHLBNY’s District Has Lagged Behind Nation Since the Financial Crisis
• Underperformance of Empire State Reflects Sluggish Activity Outside New York City
• Excluding the Big Apple, Activity Has Varied Widely Across New York State During the Expansion
• Divergences in Relative Economic Performance in New Jersey Slightly Narrower than in New York

Real gross domestic product (GDP) – the inflation-adjusted value of all final goods and services produced in the country – remains the most widely followed measure of overall economic performance. Released at the end of the first month after the quarter just passed, the Bureau of Economic Analysis’ estimates…

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