Wages in these occupations are said to be running nearly 10 percent higher than a year ago. Similarly, Downtown's rate ended the month at 6.3 percent, down from 6.9 percent in late March and 11.9 percent a year ago. Manufacturers in the New York City area report that activity re-accelerated in May, after holding steady at high levels in March and April, but purchasers in other sectors indicate a pause in growth. New York State and New Jersey recently reached agreement on spending plans for the bi-state Port Authority, clearing the way for a number of development projects to move forward. According to the latest survey of local bankers, demand for consumer loans, non-residential mortgages, and especially home mortgages fell compared with two months ago, while demand for commercial and industrial loans remained steady.
Most respondents report unchanged credit standards.
Virtually all survey respondents continued to report higher interest rates on all categories of loans. Finally, delinquency rates continued to decrease for consumer loans, residential mortgages, and nonresidential mortgages, but remained steady in the commercial and industrial loan category. To comment on this site, please fill out our feedback form.