Fed says NY-NJ economy will recover from storm

Associated Press

NEW YORK (AP) — The Federal Reserve Bank of New York says the New York-New Jersey regional economy will bounce back fairly quickly from Superstorm Sandy.

But the New York Fed says individual communities and businesses that were hit hard by last month's storm face a long road to recovery.

Fed officials presented an overview of the storm's economic effects at a briefing Thursday.

They said that 90 percent of businesses in downstate New York were shut down or severely crippled by the storm for at least one day.

But they said they expect the regional economy overall to be back on track by early 2013.

For context, the officials looked at economic and employment trends following past disasters including Hurricane Katrina and the 2001 terror attacks.

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