The Federal Reserve Bank of New York said revisions to its economic indicator report revealed unexpected spurts of economic activity in New York and New Jersey.
New York saw a 6% spike in its annual economic growth as a state in January, up from 2% to 3% in both 2010 and 2011, still well below the state’s previous 2008 peak.
New York City, meanwhile, has recovered steadily since 2010, growing at a sustained pace of nearly 5% in 2010 and close to 4% in 2011, with its current activity surpassing its prerecession level. The indexes released Wednesday show that the city’s economy remains on a sturdy growth track — up 3.5% over the past year.
New Jersey, however, grew at a slower pace. Its economy hit bottom in March 2010 and remained flat for much of that year. Activity accelerated in the final three months of 2011. Growth quickened further in January and is now up more than 2% over the past 12 months the strongest year-over-year growth since 2005, the Federal Reserve said.
For more details, read the full report.
— Paul Dang