(Bloomberg) -- The Garden State is growing.
New Jersey's economy accelerated at the fastest pace in almost 18 years though it lags neighboring New York state as it has since the end of the recession.
The Federal Reserve Bank of New York estimates New Jersey's economy expanded at a 4 percent annual rate in July while New York state's advanced by 8.2 percent. Growth in New York City alone expanded at a 3.9 percent pace.
The New York Fed's coincident index is a single summary statistic tracking current data on employment, real earnings, the jobless rate and average weekly hours worked in manufacturing.
To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net
To contact the editors responsible for this story: Kristy Scheuble at kmckeaney@bloomberg.net, Vincent Del Giudice
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