Tags: New York | Dudley | Fed | recovery

Dudley Says New York City 'Experiencing a Robust Recovery'

Wednesday, 21 May 2014 02:53 PM

Federal Reserve Bank of New York President William C. Dudley said he sees “variable” economic performance in his district, with a “robust recovery” in New York City and a slump in Puerto Rico.

“As of April, almost five years since the end of the recession, the nation has recovered nearly all of the jobs that were lost,” Dudley said today in New York. “By contrast, New York City reached this milestone more than two years ago.”

Fed officials in March scrapped a pledge to keep the main interest rate low at least as long as the jobless rate exceeded 6.5 percent and the outlook for inflation didn’t exceed 2.5 percent. Policy makers said instead they’ll alter the fed funds rate based on a range of economic data.

The New York Fed’s district covers its home state, parts of New Jersey and Connecticut, Puerto Rico and the U.S. Virgin Islands.

Dudley said upstate New York “has been growing modestly,” while northern New Jersey has grown “fairly steadily.”

“Now that spring is finally upon us, we hope to see economic conditions improve more significantly,” he said.

The New York region’s employment patterns resemble national trends, Dudley said. Opportunities in middle skill jobs such as construction work, machine operation and administrative work were among the hardest hit sectors and will never fully recover.

“While there’s been a good number of both higher-skill and lower-skill jobs created in the region during the recovery, opportunities for middle-skilled workers have continued to shrink,” he said.

That points to the need for more education and training so workers can move up into higher-skill tasks, he said.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Personal-Finance
Federal Reserve Bank of New York President William C. Dudley said he sees "variable" economic performance in his district, with a "robust recovery" in New York City and a slump in Puerto Rico.
New York, Dudley, Fed, recovery
269
2014-53-21
Wednesday, 21 May 2014 02:53 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved