Great Recession and aftermath

Is the recession over in New York?

May 10, 2010. Despite the fact that job numbers are up, unemployment is down, and gross domestic product has increased for three quarters – by the measures that matter, this recession has been worse for New York workers. Wages fell more sharply in this recession than in the two previous. Joblessness has more than doubled. At this point, 400,000 jobs are needed to return NYC unemployment to pre-recession levels. Also see Severe Recession Hangs on in Much of the City(read more)

The Impact of the American Recovery and Reinvestment Act on New York City

March 1, 2010. Testimony presented by James Parrott before the New York City Council General Welfare Committee. Testimony >>(read more)

Briefing on Mayor Bloomberg’s Preliminary FY 2011 New York City Budget

February 9, 2010. Despite Wall Street’s rebound, unemployment and hardship are extremely high for most New Yorkers; at best, recovery will be very gradual. This briefing finds that the Mayor’s proposed budget cuts and the state budget-related contingency cuts will worsen unemployment and hardship. To mitigate the harmful impact of the budget, increased federal fiscal aid is the highest priority, followed by progressive income tax increases – less harmful than budget cuts. Briefing >>(read more)

New York State’s Economic and Fiscal Outlook for 2010-2011

February 3, 2010.  The Fiscal Policy Institute’s twentieth annual budget briefing. Briefing book on the 2010-2011 executive budget >>(read more)

Job Creation Bills to be on Washington’s Agenda in 2010

December 21, 2009. An article by James Parrott, FPI’s deputy director and chief economist, who writes regularly for Gotham Gazette’s Economy section. Article >>(read more)

New York City in the Great Recession: Divergent Fates by Neighborhood and Race and Ethnicity

December 21, 2009. Current unemployment rates at a neighborhood level for New York City, and estimates of the unemployment rate by race/ethnicity and gender: the numbers show huge variations from neighborhood to neighborhood and also within neighborhoods. For example, while the overall unemployment rate in New York City was 10.1 percent in the third quarter of 2009, unemployment was 5.1 percent on Manhattan’s Upper East and West Sides in the third quarter, compared to 15.7 percent in the South and … (read more)

Recovery Act Keeping Roughly 419,000 New Yorkers Out of Poverty

December 17, 2009. New estimates released today by the Center on Budget and Policy Priorities (CBPP) are based on seven provisions of the American Recovery and Reinvestment Act (ARRA) that directly affect individuals: three tax credits for working families, two unemployment insurance expansions, an increase in food stamps, and a one-time payment for retirees, veterans, and people with disabilities. Not only is the Recovery Act is creating jobs, helping close state and local budget gaps, and boosting the broader economy, … (read more)

A Tale of Two Recessions: The State of Working New York City, 2009

November 19, 2009. While Wall Street recovers, New York City’s Main Street economy remains mired in the “Great Recession.” This report from FPI is an examination of the impact of the country’s “Great Recession” on the New York City economy. The data show the shallowness of the previous expansion from 2003 to 2007 before the onset of the Great Recession, and recession-related job losses and rising economic insecurities. The report also explores in detail the character and extent of unemployment … (read more)

Brooklyn Labor Market Review – Fall 2009

September 24, 2009. 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. Read the report >>(read more)

Amid Talk of Recovery, Jobless Rates Reach Double Digits

September 22, 2009. An article by James Parrott, FPI’s deputy director and chief economist, who writes regularly for Gotham Gazette’s Economy section. Article >>(read more)