2011 WNY Economic News
3rd Quarter 2011
The national economy appears to be headed towards a double dip recession. Recent releases of macroeconomic data show flat payroll employment and retail sales and increased first time claims for unemployment insurance. Given the strong correlation between the national and WNY economies, the onset of a second recession is likely to cause considerable difficulties for the WNY region. This issue of WNY Economic News focuses on the property and sales tax burdens for residents of Erie and Monroe counties.
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2nd Quarter 2011
The BEA earnings report, which has historically served as the basis for our projection of the region’s economic health, has been released for the year 2009. This issue of WNY Economic News focuses on the relationship between the regional economies of Western New York and the national economy.
1st Quarter 2011
The U.S. economy has continued to recover from the “Great Recession.” The extension of the Bush tax cuts has removed much of the concern about a double-dip recession. Given the high national unemployment rate of 9.8% in November 2010, the length of time it will take to replace the more than 7 million jobs that were lost during the 2008-2009 downturn is the main focus of most recovery conversations. While the regional economy did not suffer the rapid decline that was commonplace throughout the country, local employment levels still have never recovered to their pre-2001 recession levels. Earnings per worker continue to fall compared to the national average, and the impending state fiscal crisis might force a dramatic restructuring of local government activities.