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Economic/Financial Crisis 2009
The financial meltdown and the recession has hit New York hard.
Tens of thousands of New Yorkers have lost their jobs, their homes or their
hopes for a secure retirement or a better future for their children.
New York’s unemployment rate jumped a full percentage point in
December 2008, to 7 percent, the greatest one-month increase on record since
1976. The state has lost 121,000 jobs since its August 2008 job peak. More than
50,000 New Yorkers lost their homes through mortgage foreclosures last year.
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September 24, 2009.
Brooklyn Labor Market Review.
Commissioned by the Brooklyn Chamber of Commerce, this review finds that the
devastating blow dealt to New York City by the current recession has been less
painful to Brooklyn. American Recovery and Reinvestment Act (ARRA) dollars are
having an impact in the borough, and Brooklyn has experienced job growth in some
sectors in spite of losses citywide.
March 13, 2009.
The Impact of the
Economic Crisis on Nonprofits in the Bronx. A presentation by James Parrott
at
Navigating
the Fiscal Crisis: A Forum for Non-Profits, sponsored by the Bronx Forum, a partnership of the Bronx Borough President's
Office, Hostos Community College, and Jewish Community Relations Council of
NY/CAUSE-NY.
January 22, 2009.
Record Surge in NYS Unemployment in December: Lagging Benefits Expose Holes in
Safety Net for Jobless NYers.
Data released today by the New York State Department of Labor reveal that
the state's unemployment rate jumped to 7.0 percent in December (the highest
figure recorded in the state since 1994) from
November's revised level of 6.0 percent.
Over 671,000 New Yorkers were unemployed in December, an increase of 229,000 (52
percent) from December of 2007. The national recession began in December 2007.
Both the one-month unemployment increase of 1.0 percent and the 229,000 12-month
increase in the unemployed count are all-time highs in the 32-year official
Labor Department series.
January 22, 2009.
The Impact of the
Economic Crisis on the Bronx Workforce. A presentation made by James Parrott
to the Bronx Borough Board.
January 21, 2009.
The Economic Crisis:
Historic, and A Terrible Thing to Waste. A presentation made by James
Parrott at the International House.
January 20, 2009.
The Obama Stimulus: An $825 Billion First Step. By James Parrott, FPI's
deputy director and chief economist, who writes regularly for Gotham Gazette's
Economy section.
December 11, 2008. New
York City Unemployment in 2009: The Emerging Crisis. While New York City
lagged the national economy entering the downturn, the recession is clearly here
in full force, and labor market conditions are likely to deteriorate rapidly in
the months ahead. The number of unemployed New York City residents could rise by
120,000 over the next year, escalating the hardships felt by tens of thousands
of New York families and straining the social safety net.
November 19, 2008.
After the
Meltdown: New York's Future.
By James Parrott, FPI's deputy director and chief economist, who writes
regularly for Gotham Gazette's
Economy section.
September 22, 2008.
The End
of Wall Street as We Know It.
By James Parrott, FPI's deputy director and chief economist, who writes
regularly for Gotham Gazette's
Economy section.
September 12, 2008.
Brooklyn Labor Market Review.
Commissioned by the Brooklyn Chamber of Commerce, this review finds that
Brooklyn will experience a weaker labor market, and slower wage and income
growth in 2008 and through the first half of 2009. However - attesting to the
diversity and resiliency of Brooklyn's economic base - the borough's job decline
will be far less than New York City's, just as in the previous slowdown of
2001-03.
August 28, 2008.
Job losses rise,
straining state unemployment insurance: Unemployment up by 56,000 in the first
half of 2008; In 25 counties, increase is over 20 percent. New York's
projected budget gaps have received considerable attention in Albany. The
state's growing unemployment is the other crisis to which Albany must also turn
its attention. Press release,
full report.
March 19,
2008.
Ten
Reasons We Don't Have the Economy We Thought We Had.
By James Parrott, FPI's deputy director and chief economist, who writes
regularly for Gotham Gazette's
Economy section.
January 29, 2008.
Stimulating the Economy.
By James Parrott, FPI's deputy director and chief economist, who writes monthly
for Gotham Gazette's
Economy section.
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