The New York Fed just released its August Index of Coincident Economic Indicators (CEI), a reading of economic activity across New York city, New Jersey, and New York state as a whole.
New York City's local economy has been growing at a strong and consistent pace.
"Growth averaged roughly 2½ percent in the second half of 2011, 4½ percent in the first half of 2012, and more than 5½ percent in July and August. The economy is estimated to have expanded by 12 percent since the trough of the last economic downturn in October 2009."
Meanwhile, New York state has grown in "fits and starts", while New Jersey has grown at a modest pace so far this year.
Here is the latest chart from the New York Fed that shows that in August New York City's CEI increased at an annual rate of 5.8 percent, compared with 1 percent for New York state, and 1.3 percent for New Jersey.
Don't Miss: The Twenty Big Trends That Will Dominate America's Future >
Please follow Money Game on Twitter and Facebook.