January 20, 2022 via Zoom.
During Dominican College’s annual Outlook on the Economy forum, community members heard how the pandemic’s effect on the economy was much different than the typical recession.
Jason Bram, a Research Officer with the Federal Reserve Bank of New York, spoke via Zoom during the January 20, 2022 forum. “When things plunged in March and April 2020, I think a lot of economists thought that it would look like a recession, that is that you would have this drop off, and then have this very, very gradual recovery like you had in 2009-2010 up until now,” he said. “But what in fact you saw, was a very, very quick snap back. “
Bram said employment has continued to rebound briskly across the metro region, housing markets have been exceptionally strong, and office markets have been exceptionally weak. In addition, he said businesses reported widespread price escalation amidst supply disruptions and labor shortages, but remain optimistic about the outlook.
Bram’s research focuses on the U.S. economy, with a primary emphasis on the Federal Reserve’s Second District, which includes New York State, northern New Jersey, and southwestern Connecticut, as well as Puerto Rico and the U.S. Virgin Islands.