Fed says NY region economy still wobbly
Tourism may be struggling in the metro area, but the Brooklyn Heights Esplanade still beckons on nice days. These sunbathers with a vista that includes the Brooklyn and Manhattan bridges are, from left, Ellen Grayson, Fran Tenzer, of Boca Raton, Fla., and her daughter Candice Minerof. Grayson and Minerof are both New Yorkers. (May 31, 2010) Credit: AP
There are bright spots in the New York State and the metropolitan area economy, with improvements in a few areas, stability in others -- yet some sectors continue to weaken, the Federal Reserve reported Wednesday.
The report provides insights into the economy of the Fed's Second District, made up of New York State, the 12 northern counties of New Jersey and Fairfield County in Connecticut.
The labor market is still "exceptionally slack" and hasn't shown signs of improving, the Fed says. The tourist trade also is suffering, and commercial real estate markets are showing mixed signals.
Manufacturing, retail sales and consumer confidence are improving, the Fed says. Commercial real estate in Manhattan's market continues to weaken while in surrounding areas the industry is "slack but stable." The same is true for housing.
Lending is a mixed bag. "Bankers again report increased demand for home mortgages but steady to somewhat weaker demand in other loan categories," the Fed said. "They also report further tightening in credit standards and continued moderate increases in delinquency rates across all segments."
Nationally, the Fed said that economic activity had been improving across all 12 regions it tracks, the first time that has happened since 2007.
Full coverage of the winter storm from NewsdayTV The NewsdayTV team was across Long Island monitoring the winter weather and what's next.
Full coverage of the winter storm from NewsdayTV The NewsdayTV team was across Long Island monitoring the winter weather and what's next.
