and leisure and hospitality categories. when we look at the northern part of the state, we see a greater concentration of jobs in finance, particularly in hudson county. also prominent are goods distribution jobs related to the ports, rail lines, trucking and warehousing. other large sectors include pharmaceuticals manufacturing and research and development, as well as private education. looking at recent trends in northern new jersey, the recovery in the economy in general – and in employment in particular – is lagging the nation and is not going as well as we would like. the garden state ’ s economy lost a quarter of a million jobs during the recession, and employment didn ’ t begin to recover until 2011, and even then it was slow getting started. however, the latest annual employment revisions – released just a few weeks ago – show job gains in 2013 and 2014 were a bit stronger than previously reported. nevertheless, four years into the recovery, employment has recovered less than two - thirds of the job losses from the recession. this contrasts notably with both new york state and the u. s. as a whole, where employment has far surpassed its earlier peaks. moreover, here in essex county, there has yet to be any significant upturn in jobs, although neighboring hudson county has seen a fairly strong rebound. bis central bankers ’ speeches that ’ s not to say that there aren ’ t any strong industry sectors here in new jersey : job growth has been quite robust in health services, transportation and warehousing, construction and a number of business service industries. there has also been steady job creation in retail trade and leisure and hospitality, though these tend to be low - paying sectors. on the other hand, employment remains depressed in other industries such as finance, publishing, telecommunications and manufacturing. so why is new jersey not keeping pace with new york in terms of job growth? well, much of the strength in new york state has been driven by new york city ; other parts of the state have seen similar, if not weaker, job growth than new jersey. of course, this raises the question : why has new york city ’ s economy been so much stronger? in fact, there is a body of research suggesting that the long - term drift of economic activity and jobs from cities to suburbs has subsided, and that there is a growing trend toward re - urbanization – a preference for both people and businesses to locate in cities, like new york. yet there is also a strong tendency for persistent strength in an urban hub to

. as central bankers, it's critical that we remain focused on carrying out our responsibilities, while keeping pace with the world around us. and that's what brings us here today. this workshop is an important part of learning and understanding the challenges and opportunities that lie ahead so that we can be prepared for and successful in the future. thank you all for participating in what will surely be thought - provoking and constructive discussions. president's working group on financial markets, the federal deposit insurance corporation, and the office of the comptroller of the currency, report on stablecoins, november 2021. board of governors of the federal reserve system, overnight reverse repurchase agreement facility, january 3, 2018.