(Bloomberg) -- The Garden State is growing.
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New Jersey’s economy accelerated at the fastest pace in almost 18 years though it lags neighboring New York state as it has since the end of the recession.
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The Federal Reserve Bank of New York estimates New Jersey’s economy expanded at a 4 percent annual rate in July while New York state’s advanced by 8.2 percent. Growth in New York City alone expanded at a 3.9 percent pace.
The New York Fed’s coincident index is a single summary statistic tracking current data on employment, real earnings, the jobless rate and average weekly hours worked in manufacturing.
©2018 Bloomberg L.P.
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