The most recent, April, reading of the NY Fed's Index of Coincident Economic Indicators (CEI), indicates continued decline in activity in New Jersey, New York State and New York City.
The Index declined as follows:
New York City - 4.1% annualized decline for April, following a 5.2% decrease in March
New York State - 8.1% annualized decline for April, following an identical decrease in March.
New Jersey - 6.5% annualized decline for April, following a 6.6% decline in March.
When will Patterson follow in Arnie's footsteps and declare a state of emergency for NY, which can only be repaired with a massive taxpayer-subsidized bailout... Then again selling the general public that evil, Wall Street, and hedge-fund infused New York would need a wholesale bail out, may be a tad more difficult.
A discussion of just what the CEI measures is provided below.
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