The Northeast economy has had even more difficulty regaining
its momentum than the national economy. Real GDP in the Northeast rose just 1.0
percent in 2013, compared to a 1.8 percent gain nationwide. Our own regional
economic activity index shows the region continuing to expand at a slower pace
relative to its historical trend during the first quarter, with the index remaining
in negative territory at -0.37. The weak reading mostly reflects slower job
growth than has been seen in the past, even though conditions appear to have
improved more recently. Nonfarm employment has risen 0.9 percent over the past
year in the Northeast and the unemployment rate has fallen 1.4 percentage
points to just 6.2 percent. Income growth has also increased solidly, with
personal income rising at a fairly healthy 4.0 percent annual rate in the first
quarter and up 3.8 percent year to year.
Source: Wells Fargo's Economic Commentary / Wells Fargo
Economics Group
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