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While many want to believe that the economy is turning around, the New York Federal Reserve Bank did little to convince the doubters. During September, the Empire State Index dropped to 4.1 from August's reading of 7.1. This was far short of expectations, as well as the lowest level since July 2009.

The Empire State Index was as high as 31.9 in April and 19.6 in June. The latest reading suggests that growth is slowing, contrary to what many experts want us to believe.

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Fed's New York Factory Gauge Falls in September originally appeared on BloggingStocks on Wed, 15 Sep 2010 10:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>economic recoveryeconomyEmpire State IndexFederal ReserveinthenewsjobsNew York FedWed, 15 Sep 2010 10:00:00 EST<![CDATA[NY Fed chair steps down amid Goldman Sachs stock uproar]]>http://www.bloggingstocks.com/2009/05/08/ny-fed-chair-steps-down-amid-goldman-sachs-stock-uproar/http://www.bloggingstocks.com/2009/05/08/ny-fed-chair-steps-down-amid-goldman-sachs-stock-uproar/http://www.bloggingstocks.com/2009/05/08/ny-fed-chair-steps-down-amid-goldman-sachs-stock-uproar/#commentsFiled under: , ,

Stephen Friedman, chairman of the Federal Reserve Bank of New York, stepped down from his post late Thursday. The 71-year-old came under fire when a regulatory filing revealed that he upped his stake in Goldman Sachs Group (NYSE: GS) during late 2008, when the bank holding company was under the New York Fed's supervision.

"Today, although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper," wrote Friedman in his letter of resignation. "The Federal Reserve System has important work to do and does not need this distraction."

Continue reading NY Fed chair steps down amid Goldman Sachs stock uproar

NY Fed chair steps down amid Goldman Sachs stock uproar originally appeared on BloggingStocks on Fri, 08 May 2009 11:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>chairmanEliot SpitzerEliotSpitzerFederal Reserve Bank of New YorkFederalReserveBankOfNewYorkGoldman Sachs GroupGoldmanSachsGroupGSHenry PaulsonHenryPaulsoninthenewsNew York FedNewYorkFedStephen FriedmanStephenFriedmanFri, 08 May 2009 11:30:00 EST