From the Star Ledger:
If you think the local economy isn’t getting any better, you’re right.
New Jersey has yet to see any strong signs of economic recovery, even as the rest of the region has started to pull out of the recession, the New York Federal Reserve Bank said today.
While neighboring New York has rebounded strongly since late last year, New Jersey appears to have hit bottom and plateaued, according to the bank’s economic indicators.
Bank economists said a slow jobs recovery and a shrinking manufacturing sector mean the Garden State, which entered the recession six months before the rest of the nation in June 2007, could also be one of the last to emerge. While New York City officially exited the recession last November, economists said it remains to be seen when New Jersey’s economy will pull out of its tailspin.
“Economic conditions in New Jersey remain essentially flat,” William Dudley, the Fed’s president and CEO, said during a quarterly press briefing on New York, New Jersey and Puerto Rico. “Although activity there is no longer declining, New Jersey has yet to establish a sustained recovery.”
Since the start of the decade, manufacturing employment in New Jersey has fallen by 23 percent and output by 10 percent, according to the bank. In contrast, New York saw a similar employment decline but managed to boost output by nearly 15 percent, a sign of increased efficiency.