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Regional Economic Press Briefings

Quarterly briefings by New York Fed regional research economists for members of the media who cover the Federal Reserve’s Second District.

FEATURES

Recession, Federal Stimulus and New York/New Jersey Schools The New York Fed will host a press briefing highlighting recent patterns and challenges in school financing and examine how state governments will cope with pending decreases in federal funding support. The event will also include an update on local economic conditions and trends from New York Fed economists. A staff panel will answer questions from the media on the economy and local school financing following the presentations. January 27, 2012

Job Creation in the Region A staff panel will present and answer questions about the economic conditions and job creation for Downstate New York (including New York City and Long Island), Fairfield County, Connecticut and surrounding areas; Upstate New York (including Buffalo, Syracuse, Albany, Rochester and Binghamton), northern New Jersey and Puerto Rico. August 12, 2011

Current Trends in Regional Employment A staff panel will present and answer questions about the economic conditions and employment trends for Downstate New York (including New York City, Long Island; Fairfield County, Connecticut; and surrounding areas), Upstate New York (including Buffalo, Syracuse, Albany, Rochester and Binghamton), Northern New Jersey and Puerto Rico. President Dudley is expected to offer remarks and answer questions concerning regional employment and economic conditions. May 6, 2011

Household Debt and Regional Economic Activity: Current Trends in the Nation and the District A staff panel will present and answers questions about the economic and trend analysis for Downstate New York (including New York City, Long Island; Fairfield County, Connecticut; and surrounding areas), Upstate New York (including Buffalo, Syracuse, Albany, Rochester, Binghamton and Utica) and Northern New Jersey. The results of the Quarterly Household Debt and Credit Report for the fourth quarter of 2010 will also be released at the briefing. February 14, 2011

Housing: Current Trends in the Nation and the District A briefing by New York Fed regional research economists on housing trends. A staff panel will present economic and trend analysis for Downstate New York (including New York City, Long Island, Fairfield County, Connecticut and surrounding areas), Upstate New York (including Buffalo, Syracuse, Albany, Rochester, Binghamton and Utica), Northern New Jersey and Puerto Rico. October 19, 2010

Manufacturing: Current Trends in the Nation and the District Manufacturing: Current Trends in the Nation and the District” and the Empire State Manufacturing Survey, are the focus of this briefing. A staff panel will present economic and trend analysis for Downstate New York (including New York City, Long Island, Fairfield County, Connecticut and surrounding areas), Upstate New York (including Buffalo, Syracuse, Albany, Rochester, Binghamton and Utica), Northern New Jersey and Puerto Rico. July 22, 2010

Regional Employment Press Briefing The first of a new series of briefings offered to regional media from the Federal Reserve’s Second District. New York Fed regional economists discussed “Measures of Regional Economic Activity” and provided an employment outlook and trends segmented by metropolitan area for New York State, New York City, Upstate New York Metro (Buffalo, Syracuse, Albany, Rochester, Utica, Binghamton), New Jersey, Fairfield County (Connecticut), Puerto Rico and the U.S. Virgin Islands. April 14, 2010

RESEARCH PUBLICATIONs

Long Island Mortgage Distress: Analysis at the Neighborhood Level Data analysis shows Long Island’s Nassau and Suffolk counties contain some of the highest ratios of distressed nonprime mortgages in the nation. Half of these distressed mortgages are on properties located in just 22 of the region’s roughly 200 Zip codes. Posing further risk for these neighborhoods are negative borrower equity loans—a condition that occurs when a house is worth less than what is owed on the loan. National studies suggest that borrowers with negative equity have a higher risk of defaulting on their mortgages.

The Recession’s Impact on the State Budgets of New York and New Jersey In the wake of the most recent U.S. recession, both New York State and New Jersey have faced multibillion-dollar budget gaps. An analysis of the makeup of their budgets reveals that the states’ heavy reliance on personal income taxes—particularly from high-wage earners in the finance sector—has exacerbated revenue shortfalls. To close their budget gaps, New York and New Jersey have had to make difficult choices about tax increases and service cuts. In the future, the states might take steps to avert such budget quandaries by establishing “rainy day” funds or restructuring taxes to make them less sensitive to the business cycle.