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New York and New Jersey Poised for Modest Job Growth in 2005
|December 6, 2004|
|Note To Editors||
The latest edition of the Federal Reserve Bank of New York's Second District Highlights, New York and New Jersey Poised for Modest Job Growth in 2005, is available.
Overview of New York State and New Jersey
The authors observe that the ongoing recovery of the national economy has supported a pickup in the states' job growth in the "export" components of industries such as trade, transportation, tourism, finance, and professional and business services. They add that estimates suggest that the employment downturn associated with 9/11 has largely passed.
The long-term expansion of jobs in the education and health sectors in both states continues apace, according to Orr and Rosen. Finance jobs have expanded modestly, although mostly outside New York City. Jobs in New York State and New York City have not bounced back as readily in this recovery as they have in New Jersey, and job levels throughout New York State remain far below their prerecession peaks. Potential risks to the employment outlook include slower than expected growth in the national economy or a falloff in financial market activity.
New York State Employment
New York City Employment
New Jersey Employment
James Orr is a research officer and Rae Rosen is an assistant vice president and senior economist at the Federal Reserve Bank of New York.