Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York...
-
Upload
brice-higgins -
Category
Documents
-
view
217 -
download
0
Transcript of Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York...
![Page 1: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/1.jpg)
Briefing on the Regional Economy
Rae D. RosenSenior Economist
Federal Reserve Bank of New YorkMarch 12, 2003
![Page 2: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/2.jpg)
2
Coincident Economic Indicators
100
110
120
130
140
150
Dec-90 Dec-92 Dec-94 Dec-96 Dec-98 Dec-00 Dec-02
100
110
120
130
140
150
New York State
New York City
Source: Bureau of Labor Statistics, FRBNY calculations.
New Jersey
![Page 3: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/3.jpg)
3
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
9/8/01 11/22/01 2/5/02 4/21/02 7/5/02 9/18/02 12/2/02 2/15/0310,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000sadj. 4 - week
NYS Initial Claims for Unemployment Insurance Seasonally Adjusted
Claims
Source: Bureau of Labor Statistics
Claims
![Page 4: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/4.jpg)
4
0
5,000
10,000
15,000
20,000
25,000
9/8/01 11/24/01 2/9/02 4/27/02 7/13/02 9/28/02 12/14/020
5,000
10,000
15,000
20,000
25,000sadj. 4-week
NYC Initial Claims for Unemployment Insurance Seasonally Adjusted
Claims Claims
Source: New York State Department of Labor
![Page 5: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/5.jpg)
5
Growth in Service Jobs% change from December 2001 - December 2002
United States New York New York City New Jersey
Feb. '02 - '03)
Business 0.5 -0.7 -4.5 -1.8
Security/Commodity Broker -2.3 -5.4 -5.6 -11.6
Eating and Drinking -1.5 0.9 1.0 1.7
Motion Pictures 0.1 -3.6 -3.9 ---
Engineering & Management 1.2 -2.5 -1.8 -0.4
Social 2.1 3.5 2.9 5.4
Educational 3.9 -0.8 2.0 1.9
Recreation -0.3 -3.0 6.1 2.9
Health 2.2 2.2 1.9 1.6
Legal 3.4 -0.2 -0.5 -0.3
Source: Bureau of Labor Statistics, FRBNY Calculations.
![Page 6: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/6.jpg)
6
Source: Bureau of Labor Statistics, FRBNY Calculations.
Growth in Service JobsDecember 2001 - December 2002
United States New York State New York City New Jersey
(Feb. '02 - '03)
Business 45800 -3800 -14300 -6100
Security/Commodity Broker -16400 -10300 -9800 -6300
Eating and Drinking -120600 3700 1700 3100
Motion Pictures 400 -2400 -2100 ----
Engineering & Management 44400 -6100 -2200 -600
Social 65400 13100 5300 5000
Educational 103100 -2700 2700 1400
Recreation -5000 -4700 2900 1100
Health 237200 17500 6200 5800
Legal 35800 -200 -400 -100
![Page 7: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/7.jpg)
7
Business and Consumer Services Employment
Percent change from 12 months earlier
-10
-8
-6
-4
-2
0
2
4
6
8
10
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
-10
-8
-6
-4
-2
0
2
4
6
8
10
Percent Percent
Source: Bureau of Labor Statistics, FRBNY calculations.
United States Feb. '03 0.9%New York City Dec. '02 -0.5%New York Dec. '02 0.2%
New York City
New York State
United States
![Page 8: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/8.jpg)
8
-15
-10
-5
0
5
10
15
20
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
-15
-10
-5
0
5
10
15
20
Employment in the Securities IndustryPercent change from 12 months earlier
New York City
Source: Bureau of Labor Statistics
United States Feb. ‘03 -2.3%New York City Dec. ‘02 -5.6%New York Dec. ‘02 -5.4%
New York State
United States
PercentPercent
![Page 9: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/9.jpg)
9
Health and Social Services EmploymentPercent change from 12 months earlier
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Percent Percent
United States
Source: Bureau of Labor Statistics, FRBNY calculations.
United States Feb. '03 2.2%New York City Dec. '02 2.2%New York Dec. '02 2.6%New Jersey Dec. '02 2.4%
New York City
New York State
![Page 10: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/10.jpg)
10
-6
-5
-4
-3
-2
-1
0
0 2 4 6 8 10 12 14 16 18 20 22 24
Number of Months
April 1989 - Mar. 1994
Jan. 2001 - Dec. 2002Oct. 1981 - Feb. 1983
Nov. 1973 - Jan. 1977
Percent
New York Recession PatternsDecline from Employment Peak to Trough
Source: Bureau of Labor Statistics, FRBNY calculations.
Nov. 1969 - Feb. 1972
![Page 11: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/11.jpg)
11
-7
-6
-5
-4
-3
-2
-1
0
0 2 4 6 8 10 12 14 16 18 20 22 24
Number of Months
April 1989 - Sep. 1993
Dec. 2000 - Dec. 2002
July. 1969 - Mar. 1977
New York City Recession PatternsDecline from Employment Peak to Trough
Source: Bureau of Labor Statistics, FRBNY calculations.
Percent
![Page 12: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/12.jpg)
12
Second District Unemployment Rates
December 2001 December 2002
United States 5.6% (Feb. 02) 5.8% (Feb. 03)
New York 5.7% 6.3%
New York City 7.3% 8.4%
New Jersey 4.8% 5.5%
Source: Bureau of Labor Statistics.
![Page 13: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/13.jpg)
13
Percent of Residential Mortgage Loans with Installments 90 Days Past Due
0.0
0.2
0.4
0.6
0.8
1.0
1.2
92Q3 94Q3 96Q3 98Q3 00Q3 02Q3
0.0
0.2
0.4
0.6
0.8
1.0
1.2
PercentPercent
Source: Mortgage Bankers Association
New York
Connecticut
United States 2002 Q3 0.82%New York 2002 Q3 0.74%New Jersey 2002 Q3 0.88%Connecticut 2002 Q3 0.59%
United States
New Jersey
![Page 14: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/14.jpg)
14
Percent of Residential Mortgage Loans in Foreclosure Started During the Quarter
0.0
0.5
1.0
1.5
2.0
2.5
92Q3 94Q3 96Q3 98Q3 00Q3 02Q3
0.0
0.5
1.0
1.5
2.0
2.5
PercentPercent
Source: Mortgage Bankers Association
Connecticut
New York
United States 2002 Q3 1.17%New York 2002 Q3 1.37%New Jersey 2002 Q3 1.40%Connecticut 2002 Q3 0.90%
United States
New Jersey
![Page 15: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/15.jpg)
15
Office Vacancy RatesQuarterly
0
5
10
15
20
25
30
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
0
5
10
15
20
25
30Percent Percent
Source: Coldwell Banker.
United States-Metropolitan
NYC-Metropolitan
NYC-DowntownNorthern New Jersey
![Page 16: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/16.jpg)
16
Consumer Price IndexPercent change from 12 months earlier
-4
-3
-2
-1
0
1
2
3
4
5
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
-4
-3
-2
-1
0
1
2
3
4
5
Percent Percent
Source: Bureau of Labor Statistics.
United States
New York and Northeastern
New Jersey
U.S. Jan. '03 2.6%NY/NE Jan. '03 3.3%
![Page 17: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/17.jpg)
17
Consumer Price IndexPercent change from 12 months earlier
-4
-3
-2
-1
0
1
2
3
4
5
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
-4
-3
-2
-1
0
1
2
3
4
5
Percent Percent
Source: Bureau of Labor Statistics.
United States - Durable Goods
United States - Services
U.S. Jan. '03 2.6%U.S. - Services Jan. '03 3.3%U.S. - Durable Goods Jan. '03 -3.0%
United States
![Page 18: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/18.jpg)
18
The Conference Board Index of Consumer Attitudes
1985= 100
20
40
60
80
100
120
140
160
180
200
1988 1990 1992 1994 1996 1998 2000 2002
20
40
60
80
100
120
140
160
180
200
Sources: The Conference Board.
Note: Shading denotes NBER recessions
Consumer confidence Current
situation
Consumer expectations
Index Index
![Page 19: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/19.jpg)
19
500
2000
3500
5000
6500
Jan Feb Mar April May June July Aug Sept Oct Nov Dec
500
2000
3500
5000
6500
Sales Tax Revenue Collections 2002
Sales Tax Revenue Collections 2001
New York State Tax Revenue CollectionsYear to Date
Mil $ Mil $
Source: Office of the New York State Comptroller
![Page 20: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/20.jpg)
20
0
500
1000
1500
2000
2500
3000
3500
Jan Feb Mar April May June July Aug Sept Oct Nov Dec0
500
1000
1500
2000
2500
3000
3500
Sales Tax Revenue Collections 2002
Sales Tax Revenue Collections 2001
New York City Tax Revenue CollectionsYear to Date
Mil $ Mil $
Source: New York City Department of Finance
![Page 21: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/21.jpg)
21
300060009000
1200015000180002100024000270003000033000
Jan Feb Mar April May June July Aug Sept Oct Nov Dec
3000600090001200015000180002100024000270003000033000
Income Tax Revenue Collections 2002
Income Tax Revenue Collections 2001
New York State Tax Revenue CollectionsYear to Date
Mil $ Mil $
Source: Office of the New York State Comptroller
![Page 22: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/22.jpg)
22
500
1500
2500
3500
4500
5500
Jan Feb Mar April May June July Aug Sept Oct Nov Dec
500
1500
2500
3500
4500
5500
Income Tax Revenue Collections 2002
Income Tax Revenue Collections 2001
New York City Tax Revenue CollectionsYear to Date
Mil $ Mil $
Source: New York City Department of Finance
![Page 23: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/23.jpg)
23
Personal IncomePercent change from 4 quarters earlier
-2-10123456789
10111213
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
-2-1012345678910111213
Percent
United States
New York
United States 2002 Q3 3.3%New York 2002 Q3 1.9%Percent
Source: Bureau of Labor Statistics, FRBNY calculations.
![Page 24: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/24.jpg)
24
-6-5-4-3-2-10123456789
1011121314
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
-6-5-4-3-2-101234567891011121314
Percent
United States
New York
Percent
Wages and SalariesPercent change from 4 quarters earlier
United States 2002 Q3 1.8%New York 2002 Q3 0.0%
Source: Bureau of Labor Statistics, FRBNY calculations.
![Page 25: Briefing on the Regional Economy Rae D. Rosen Senior Economist Federal Reserve Bank of New York March 12, 2003.](https://reader030.fdocuments.in/reader030/viewer/2022032707/56649e2b5503460f94b19f46/html5/thumbnails/25.jpg)
25