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New York Region Recovering

May 9, 2011
Plain English Version

Photo by Eva Abreau

The Federal Reserve Bank said the economies of New York and New Jersey are recovering. White-collar jobs in business and the professions are growing.

The city also continues to attract large numbers of tourists, adding jobs in the leisure and hospitality industries.

Wall Street started adding jobs in recent months. In total, the city has added 50,000 jobs since the regional recovery began in February 2010.

New Jersey’s recovery has been modest. Most of the jobs have been in office positions. The state added 4,000 jobs since February 2010.

Growth in manufacturing and construction jobs remain slow in the region.

The big question is the impact of reductions in state and local government payrolls. Federal aid is ending. Experts cannot predict the next few months.

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