Regional Economy

Gain deeper insights on the New York Fed’s Second District through a wide array of regional economic indicators and monthly surveys. Find in-depth economic data for 22 local areas in the Second District. Learn more about important issues facing the regional economy through research and analysis, including reports, blog posts, and presentations.

Regional Economic Indicators
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Empire State Manufacturing Survey: Business Activity Picks Up
July 15, 2025
Business activity grew slightly in New York State’s manufacturing sector in July, with the headline general business conditions index climbing 22 points to 5.5. Learn more in our monthly survey of New York manufacturers as they assess current conditions and the future outlook.
collage of portrait images of people of different demographics
Regional Economic Heterogeneity Indicators
July 8, 2025
The Economic Heterogeneity Indicators are broad-based economic indicators that measure macroeconomic outcomes experienced by different demographic, economic, and geographic groups across the New York-New Jersey metro area, as well as all other counties in New York state.
Full Regional Report | Regional Data
Early Benchmarked Employment Data
Early Benchmarked Employment Data
June 25, 2025
Our economists provide early benchmarks of initial monthly employment releases throughout the year and make the benchmarked data about the New York Fed region available to the public on a monthly basis.




Regional Employment Trends
Regional Employment Trends
June 25, 2025
These interactive charts illustrate payroll employment trends for more than 20 geographies in the Second District, from the state level down to metropolitan areas.
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Business Leaders Survey: Service Sector Activity Declines Significantly
June 17, 2025
Business activity declined in the New York-Northern New Jersey region’s service sector for a fourth consecutive month in June. The survey’s headline business activity index came in at -13.2, and firms remained pessimistic about the outlook. Learn more in our monthly regional service sector survey on current and future business trends.
Beige Book
Economic Activity in the Second District Continued to Decline Modestly
June 4, 2025
Economic activity in the Second District continued to decline modestly amid heightened uncertainty. Employment held steady, though demand for workers softened and wage growth slowed to a modest pace. Selling price increases remained moderate, but input prices grew strongly with tariff-induced cost increases. Capital spending plans declined, and the outlook was quite pessimistic.
Local Area Conditions

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New York City

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Buffalo Metro Area

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Albany Metro Area

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Newark Metro Division

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Fairfield County

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Puerto Rico
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Research & Analysis
image collage of four scenes with people affected by fire, flooding, wind damage
New Dataset Maps Losses from Natural Disasters to the County Level
BY Matteo Crosignani and Martin Hiti | July 1, 2025
The Losses from Natural Disasters Indicator represents the first publicly available comprehensive dataset on county-level damages, injuries, and fatalities from natural disasters in the United States. Since the dataset can be easily matched with county-level data on economic activity and employment, it enables precise analysis of the impact of extreme weather events on local economies and banking networks.
a worker standing in front of a large metal power turbine in a factory. Or a worker stands in front of a massive metal power turbine in factory OR the back of a worker standing in front of large metal power turbine.
Are Businesses Absorbing the Tariffs or Passing Them on to Their Customers?
BY Jaison R. Abel, Richard Deitz, Sebastian Heise, Ben Hyman, and Nick Montalbano | June 4, 2025
Recent import tariffs have left businesses with difficult and complex decisions about whether to absorb the tariffs, raise their prices to recover the higher costs, or some combination of both. The authors discuss the New York Fed’s May survey of businesses in the New York–Northern New Jersey region, which indicates most businesses passed on at least some of the higher tariffs to their customers.
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Puerto Rico Regional Visit: Economic Growth Followed Disaster. What Comes Next?
BY Jack Gutt | May 27, 2025
President John C. Williams heard from local business, government, nonprofit, and academic leaders during his April regional visit to Puerto Rico. After nearly two decades of economic decline, Puerto Rico’s economy appears to have experienced a significant turnaround. Still, the Island faces uncertainty and structural challenges on issues like affordable housing and the electrical grid.


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Joelle Scally's Update on the Puerto Rico Economy
May 21, 2025
In a presentation to the Financial Oversight and Management Board for Puerto Rico’s Economic Forecast Symposium, Joelle Scally, Economic Research Advisor, discussed economic conditions in the region, including employment, inflation, housing, credit, and business conditions.
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Queens Regional Visit: What We Learned During a Day in the World’s Borough
April 3, 2025
In early December, New York Fed President John C. Williams spent a day visiting neighborhoods in the New York City borough of Queens. In Long Island City, Flushing, and East Elmhurst, President Williams and a team from the New York Fed met with leaders in government, transportation, community development, and business.
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Jaison Abel's Briefing on Economic Conditions in the Region
March 25, 2025
In a presentation for the 2025 New York Fed Regional and Community Banking Conference, Jaison Abel, Head of Microeconomics, discussed economic conditions in the region, including employment, inflation, housing, and business conditions.



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Credit Insecurity in the United States: 2018-2023
BY Jake Scott, Ambika Nair, and Claire Kramer Mills | March 6, 2025
The report introduces a geographic measure of credit access across the United States called the Credit Insecurity Index. The index combines data about the share of adults without a credit score or file and the share who have limited access to affordable credit. The report uses the index to measure access to affordable credit at the national, state, city, town, and county level.
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Firms’ Inflation Expectations Have Picked Up
By Jaison R. Abel, Richard Deitz, and Ben Hyman | March 5, 2025
After a period of high inflation following the pandemic recession, inflationary pressures have been moderating the past few years, dropping from a peak of 9.1 percent in 2022 to 3 percent at the beginning of 2025. However, firms expect both cost and price increases to move higher in 2025, with year-ahead inflation expectations rising from 3 percent last year at this time to 3.5 to 4 percent, though longer-term inflation expectations remain anchored at around 3 percent.
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Jaison Abel's Briefing on New York State Economic Conditions
February 19, 2025
In a presentation for the 2025 Economic Forecast & Building BC Awards for the Greater Binghamton Chamber of Commerce, Jaison Abel, Head of Microeconomics, discussed economic conditions in New York State, including employment, inflation, housing, and business conditions.





five college students seated at conference table in discussion with President Williams
Exploring Industries Present and Future: On the Ground in New York’s Southern Tier
December 11, 2024
New York Fed President John C. Williams traveled to the Southern Tier region of New York State in October to hear from stakeholders about local economic conditions. He met with economic development officials, business owners, nonprofit and community leaders, and academics and students during this two-day Second District regional visit.
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The Future of New York City: Building on the Post‑Pandemic Jobs Rebound
BY Craig Bradstock and Nathaniel Kressen | October 30, 2024
Participants at "The Future of New York City: Focus on Jobs" discussed the city's post-pandemic employment rebound, the geographic redistribution of jobs in New York City, and the workforce development challenges the city faces. They detailed how the city has experienced gains in lower-wage and higher-wage jobs, but a decline in middle-wage jobs.
Technician using a tablet in a car factory
Event: The Future of New York City: Focus on Jobs
EVENT | October 4, 2024
On Friday, October 4, 2024, the New York Fed hosted a half-day conference focused on the future of employment in New York City. Topics included how the composition of jobs in the city has changed since the pandemic; what’s needed to create jobs that pay family-sustaining wages and provide broad-based prosperity to the city; and how to develop and attract workers to fill those jobs. VIEW EVENT


Technician using a tablet in a car factory
AI and the Labor Market: Will Firms Hire, Fire, or Retrain?
BY Jaison R. Abel, Richard Deitz, Natalia Emanuel, and Benjamin Hyman | September 4, 2024
Artificial intelligence (AI) has the potential to dramatically change the labor market and possibly the nature of work itself. The results of the authors’ August regional business surveys find most firms that expected to use AI in the next six months plan to retrain their workforces, with far fewer reporting adjustments to planned headcounts.
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Household Debt Trends Among NYC Residents
Jason Bram, Director of Economic Research, Office of New York City Comptroller and Joelle Scally, New York Fed | August 13, 2024
Two categories of consumer debt currently seeing high and rising delinquency rates are auto loans and credit cards. This report, by The New York City Comptroller in partnership with the New York Fed, focuses on trends in household debt burdens and delinquencies for these two segments, using New York City specific credit data from the New York Fed’s Consumer Credit Panel.
Blog Series on the Economic and Financial Impacts of Extreme Weather Events in the Fed’s Second District
Unique Geography, Common Challenges: Regional Visit Reflects Varied Aspects of North Country Economy
June 26, 2024
New York Fed President John C. Williams traveled to the North Country region of upstate New York to hear from stakeholders about local economic conditions. This article shares themes that emerged over two days of meetings and discussions with government officials, business owners, veterans and military families, and nonprofit and community leaders.
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Supply Chain Disruptions Have Eased, But Remain a Concern
BY Jaison R. Abel and Richard Deitz | May 20, 2024
Supply chain disruptions became a major headache for businesses in the aftermath of the pandemic and were a key contributor to the surge in inflation. The authors present new measures in supply availability from the New York Fed’s Business Leaders Survey, Empire State Manufacturing Survey, and Global Supply Chain Pressure Index. They find that supply availability had generally been improving since early 2023, but improvement has stalled over the past couple of months.
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Supplemental Survey Report: Regional Supply Chain Insights
May 20, 2024
In response to special questions focused on supply chain disruptions, about a third of service firms and 48 percent of manufacturing firms reported at least some difficulty obtaining supplies they needed this month. Learn more in our supplemental survey report.
Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience
Many Places Still Have Not Recovered from the Pandemic Recession
May 7, 2024
The onset of the pandemic resulted in one of the sharpest and deepest economic downturns in U.S. history. The authors examine the uneven geographic recovery from the pandemic recession, noting that much of the New York-Northern New Jersey region is still way behind.
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