NYS Seeing Slow but Steady Economic Growth

The April 2010 edition of the NYSAC Economy Watch indicates that a trend of slow but steady economic growth in New York State may be starting to take hold. For more on the April Economy Watch numbers, visit www.nysac.org.“Despite continued high levels of unemployment in much of the state and lagging consumer confidence, other economic indicators show that job creation could be on the horizon as we enter the summer months,” said NYSAC President Tom Santulli, the Chemung County Executive.The Empire State Manufacturing Survey issued by the Federal Reserve Bank of New York, indicates that General Business conditions for Manufacturers had improved for the 9th consecutive month. The Future Business Conditions Index continued upward, showing a growing sense of optimism by manufacturers about future economic conditions.“The manufacturing survey is the clearest indicator of growth, and that is the area where we are most likely to see private sector job growth,” said NYSAC Executive Director Stephen J. Acquario. Other evidence of growth in the Economy Watch include the following. * The Index of Coincident Economic Indicators (ICEI), which uses a weighted formula that takes into consideration the State’s number of private sector jobs, unemployment rate, average work week hours in manufacturing, and sales tax collections, has risen for the 3rd consecutive month. * The State’s Unemployment Rate according to the New York State Department of Labor, fell to 8.6% in March, after seasonal adjustment. This figure is the lowest state unemployment rate since June of 2009. Despite the statewide rebound, 33 counties have unemployment rates over 9% (not seasonally adjusted). * Consumer prices as captured by the Consumer Price Index increased by 0.5% in the New York City metro area and 0.3% in Upstate communities. * New York’s Consumer Confidence Level, as measured by the Siena Research Institute, increased 1.3 points from last month. * Housing Sales soared in March with sales up 31% since February and 17% since a year ago, according to the New York State Association of Realtors.The closing of two major downstate employers caused a spike in the state’s WARN Notices issued by the State Labor Department’s Office of Dislocated Worker Programs. Almost 6,000 jobs in the City of New York were lost and these losses amount to 75% of the total jobs affected under WARN for the month statewide.The New York State Association of Counties (NYSAC), founded in 1925, is a bi-partisan municipal association representing the 62 counties of New York State. NYSAC is the only statewide association representing the interests of nearly 5,000 elected and appointed officials, including county executives, legislators, supervisors, administrators, commissioners and other employees who deliver essential services to the public.

Also on FingerLakes1.com