Great Recession and aftermath

State of Working New York 2009: Unemployment and Economic Insecurity in the Great Recession

September 16, 2009. This edition of the State of Working New York is released as the country hobbles through the worst economic crisis – the steepest economic drop and the longest period of job loss – since the 1930s. We are in the midst of what’s been justly termed “The Great Recession.”

Over 850,000 New Yorkers are unemployed. The state’s official unemployment rate is 8.6 percent as of July 2009 – the most recent data available – and it is … (read more)

The Economic Situation of New York City’s Low- and Moderate-Income Households

April 30, 2009. Testimony presented by chief economist James Parrott to the Rent Guidelines Board. Three points: this is the worst recession since the Great Depression with sharply higher unemployment; inflation-adjusted wages and incomes are falling for most New York families; and housing costs are placing an enormous burden on New York City working families.… (read more)

It’s bad, but not that bad

April 18, 2009. Something’s slowing the plunge. It must be the billions in taxpayer bailouts. An op ed by James Parrott, Crain’s New York Business.(read more)

The Impact of the Economic Crisis on Nonprofits in the Bronx

March 13, 2009. 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. Presentation >>(read more)

We’re All in This Together: Federal, State, and Local Governments All Have a Part to Play in the Economic Recovery

February 26, 2009. The National Association of County Administrators asked FPI’s Frank Mauro and James Parrott to write the lead article for The Journal of County Administration, December 2008/February 2009. The article stresses that while the $787 billion American Recovery and Reinvestment Act provides a significant lifeline to the states at a critical point in time, it will not completely eliminate the need for some painful budget balancing actions by state and local governments. The key challenge for the … (read more)

Record Surge in NYS Unemployment in December: Lagging Benefits Expose Holes in Safety Net for Jobless New Yorkers

January 22, 2009. 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 … (read more)

The Impact of the Economic Crisis on the Bronx Workforce

January 22, 2009. A presentation made by James Parrott to the Bronx Borough Board. Presentation >>(read more)

The Economic Crisis: Historic, and a Terrible Thing to Waste

January 21, 2009. A presentation made by James Parrott at the International House. Presentation >>(read more)

The Obama Stimulus: An $825 Billion First Step

January 20, 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 Unemployment in 2009: The Emerging Crisis

December 11, 2008. 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. Report >>(read more)