An economist from the Federal Reserve Bank of New York delivered his annual “Outlook on the Economy” presentation on Thursday, January 24, 2019 in Dominican College’s Fury Lecture Hall. Jason Bram, Research Officer, Regional Analysis Function, spoke about the latest economic indicators.
Bram spoke during week five of the government shutdown. He said it was too early to gauge the effect of the shutdown on the economy, although he was concerned about the government workers who were not getting paid. “But in terms of its effects on the economy, it’s something to be vigilant about,” he said. “It doesn’t seem to have had an effect yet, but that doesn’t mean it won’t.”
Bram also told the audience of business leaders, students, and college administrators that:
- The labor market remains strong and wage growth has picked up.
- Manufacturing and housing have shown signs of slowing.
- New York City’s economy has continued to boom, while other local economies across the tri-state metropolitan region have grown modestly.
- New York City’s finance sector has remained sluggish, but its tech sector has grown briskly.
Bram produces the regional Beige Book reports, and uses monthly business surveys to monitor and analyze current and emerging economic trends and issues of concern.