With Echoes of the 2008 Crisis, What's Next for the NY Economy?

August 23, 2022

The Empire State Manufacturing Survey Diffusion Index is back to levels seen during the 2008 Global Financial Crisis. New York is an enormous population center that drives consumption of products across other regions. Are merchants and producers going to reorder inventory given this negative sentiment?
Higher interest rates may have already caused irreparable harm to demand, and tax revenues driven by business activity are at risk. In the face of a massive deficit along with demand destruction, central authorities may, once again, have only one option: borrow and inflate.

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