Discussion Paper

New York City’s Economic Recovery—Main Street Gets the Jump on Wall Street

Abstract: After bottoming out in late 2009, New York City’s economy has been on the road to recovery. In this post, we call attention to an unprecedented feature of the current economic recovery: overall employment in the city began to rebound from the recession well before Wall Street started adding jobs. We also consider some questions that this development naturally raises: What took Wall Street employment so long to recover? What’s been driving job generation on Main Street? What does the recent pickup in Wall Street employment suggest about the outlook for the city’s economy?

Keywords: Financial Sector; Wall Street; Employment; New York City; Securities;

JEL Classification: E2;

Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2011-05-02

Number: 20110502