Industrial restructuring in the New York metropolitan area
The author analyzes the industrial restructuring process in the New York metropolitan area in the first half of the 1990s. To measure the extent of restructuring, he reviews estimates of permanent job losses of metropolitan workers, mass layoff announcements in the region, and net job changes by industry. The analysis shows that a significant part of the area's recent restructuring reflects a continuation of the long-term trend away from manufacturing toward a service-oriented economy. This shift, while broadly in line with nationwide trends, has been somewhat more intense in the metropolitan ...
The Great Recession and Recovery in the Tri-State Region
In 2008, as the financial crisis unfolded and the U.S. economy tumbled into a sharp recession, the outlook for the tri-state region (New York, New Jersey, and Connecticut) and especially New York City—the heart of the nation's financial industry—looked grim. Regional economists feared an economic downturn as harsh as the one in 2001, or the even deeper recession of the early 1990s. Now, as the recovery takes hold, we can report that although the economic downturn was severe in the region, with the unemployment rate surging above 9 percent in many places, it was less severe than many had ...
Can New York City bank on Wall Street?
The securities industry is more important than ever to the New York City economy, and a protracted downturn in the industry's employment could seriously hurt the overall job picture. Increased stability in other New York City industries, however, could help soften the economic effects of such a downturn.
A leaner, more skilled U.S. manufacturing workforce
While the U.S. manufacturing sector has contracted sharply since the early 1980s, employment in high-skill manufacturing occupations has risen by an impressive 37 percent. An investigation of the growth in high-skill manufacturing jobs reveals that virtually all of the nation's industries have shared in this trend. Moreover, skill upgrading has occurred in all parts of the country, even those experiencing severe employment losses.
Has September 11 affected New York City's growth potential?
In addition to exacting a tremendous human toll, the September 11 attack on the World Trade Center caused billions of dollars in property damage and a temporary contraction in New York City's economy. This article explores the effect of these events on the longer run economic prospects for the city. For many years, growth in New York has taken the form of rising property prices, reflecting a steady transition from low- to high-paying jobs. During the 1990s, the city's expansion was built on several factors, including improving fiscal conditions, better public services, and shifting industrial ...
Job growth in New York and New Jersey: mid-2007 review and outlook
Employment in the New York-New Jersey region expanded by about 0.9 percent in 2006. Slightly slower job growth - on the order of 0.8 percent - was recorded in the first half of 2007 and is expected to continue throughout the year, in part reflecting moderating growth in the national economy. The employment rise in New York State was led by a strong expansion of services jobs in New York City; any sustained weakening in the city's financial sector would be unlikely to affect employment significantly until 2008.
Good News or Bad on New York City Jobs?
Unlike much of the nation, New York City has seen a robust rebound in employment since the recession. In early 2012, employment here reached 3.86 million, the largest number of jobs ever recorded. Yet the city’s unemployment rate has risen in recent months and is now 10 percent—its peak during the recession—and well above the 5 percent rate seen before the downturn. This lack of improvement reflects the fact that the number of employed residents of the city has not rebounded at all from its losses during the 2008-09 downturn. While commuters from outside the city have always been a part ...
Unequal incomes, unequal outcomes? Economic inequality and measures of well-being: summary of observations and recommendations
This is a summary of the proceedings of the conference "Unequal incomes, unequal outcomes? Economic inequality and measures of well-being." The conference was held at the Federal Reserve Bank of New York on May 7, 1999. The conference was organized to focus on the evolution of more direct measures of the material well-being of Americans. Of particular concern was the impact of income inequality on trends in health, housing, and crime victimization. Conference participants also examined some of the changes in policymakers' responses to these trends, especially in the areas of education ...
New York-New Jersey region's job growth to continue in 1999, but risks have risen
Employment growth in the New York-New Jersey region in 1998 is likely to match the previous year's pace of 1.7 percent, or 200,000 new jobs. Growth will continue in 1999, but it will slow modestly, to about 1.2 percent, or 145,000 new jobs.