NEW YORK (MaceNews) – Labor shortages and uncertainty linked to global trade have combined to slow the regional New York economy, the New York Fed said Tuesday.
Job growth in nearly every metro area in the tri-state metro region “has slowed noticeably over the past year, with little if any employment growth in upstate New York, Northern New Jersey, or Fairfield County. Only in downstate New York has there been any significant job creation during the past year.”
The housing market “has cooled in and around New York City” and apart from the Bronx, every single borough and adjacent county has seen significant slowing in home price appreciation,” and “some of the priciest areas have seen outright declines” in Manhattan, Brooklyn, and Fairfield County.
Tight labor markets have contributed to the slowing, as a majority of manufacturers and service companies have reported trouble hiring workers. Leisure and hospitality sectors have been a consistent source of weakness around the region. On the trade front, August surveys showed almost 40% of service firms, and just over half of manufacturers reported that trade policy had hurt their bottom lines and their assessment of business prospects.