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Federal Reserve Bank of New York regional economic briefing

Federal Reserve Bank of New York regional economic briefing

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Published by The Post-Standard
Federal Reserve Bank of New York briefing on regional economy and impact of Hurricane Sandy on the regional economy.
Federal Reserve Bank of New York briefing on regional economy and impact of Hurricane Sandy on the regional economy.

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Published by: The Post-Standard on Nov 29, 2012
Copyright:Attribution Non-commercial

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11/29/2012

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The views expressed here are those of the presenters and do not necessarily represent theviews of the Federal Reserve Bank of New York or the Federal Reserve System.
Regional Economic Press Briefing
November 29, 2012
 
Regional Economic Conditions
Jason Bram, Senior Economist
 
 
Overview
Overview of the regional economy before Sandy
New York City on a solid growth trajectory
New Jersey still sluggish
Long Island & upstate New York flat
Puerto Rico still bottoming out, no signs of recovery yet
Breaking down the costs of Sandy
Physical damage (homes, property, infrastructure, etc.)
Loss of economic activity (due to power, transportation outages)
Welfare costs (pain & suffering, quality of life, lost leisure time, etc.)
Bottom line
Short-run disruptions substantial and widespread across NYC metro region
Hard-hit communities, individuals, businesses face long road to recovery
Regional economy overall likely to bounce back quickly
FEDERAL RESERVE BANK OF NEW YORK
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