Finally, Some Signs of Improvement in the Regional Economy

Jaison Abel, Jason Bram, Richard Deitz and Benjamin Hyman

No 20200616b, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The Federal Reserve Bank of New York’s June business surveys show some signs of improvement in the regional economy. Following two months of unprecedented decline due to the coronavirus pandemic, indicators of business activity point to a slower pace of contraction in the service sector and signs of a rebound in the manufacturing sector. Even more encouraging, as the regional economy has begun to reopen, many businesses have started to recall workers who were laid off or put on furlough since the start of the pandemic. Some have even hired new workers. Moreover, businesses expect to recall even more workers over the next month. Looking ahead, firms have become increasingly optimistic that conditions will improve in the coming months.

Keywords: pandemic; COVID-19; surveys; recalls (search for similar items in EconPapers)
JEL-codes: R10 (search for similar items in EconPapers)
Date: 2020-06-16
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