Business profits in New York State have grown much faster than wages since 2001
December 1, 2015. In a new analysis, the Fiscal Policy Institute finds that business profits per worker in New York State increased by 61% from 2001-13, while labor compensation per worker has risen by only 34%, and the typical worker received wage increases of 25-29%, much less than inflation.
James Parrott, the Institute’s Deputy Director and Chief Economist stated: “These data confirm once again that most workers in New York have not been sharing in the fruits of the state’s economic growth over the past decade-and-a-half. An effective antidote to this disturbing disparity would be a sustained increase in the state’s minimum wage such as that proposed by Governor Andrew Cuomo.”