Matthew Daneman reports on today’s Pressconnects.com -”The economic downturn — at least for New York and New Jersey — may have leveled off, according to a new study from the Federal Reserve Bank of New York.

The report, “Is the Worst Over? Economic Indexes and the Course of the Recession in New York and New Jersey,” bases its conclusion on a variety of indicators — payrolls, inflation-adjusted earnings, the unemployment rate and average weekly hours worked in the manufacturing sector.

According to the report, the pace of decline slowed in the spring and leveled off by July.
However, any recovery likely will lag what goes on nationally, the report said, as financial firm closures and consolidations indicate employment in financial services may not rebound to pre-recession levels.”

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