December 16, 2014. Despite considerable growth in the New York City economy over the past two decades, very little of that growth has trickled down to the average worker and his or her family, according to our new report. Wage standards like the minimum wage and the living wage are critical in ensuring that there is a floor under the job market and that workers are adequately paid. Prevailing wage standards, however, are a key means to ensure that… (read more)
New York City economy
Briefing on Mayor deBlasio’s Preliminary FY 2015 NYC Budget: Initial Progressive Steps, More to Come
March 11, 2014. In his review of NYC Mayor Bill deBlasio’s first budget, FPI’s James Parrott notes the new mayor’s progressive change in direction compared to prior City budgets. Not surprisingly, the major new initiative included in the Preliminary FY 2015 budget is full funding for the UPK/afterschool proposal scheduled for launch in the fall of 2014.
October 16, 2013. Fast food jobs are by far the biggest source of job growth in New York State and New York City in this recovery and over the past decade. But, with a median hourly pay of only $8.90 an hour in NYC, this growth in fast food jobs is one of the reasons that poverty has risen sharply during the recovery.
NYC has a record number of working poor—one out of every 10 workers in NYC works,… (read more)
August 28, 2013. New York workers are paying a high price for persistent unemployment four years into the weakest recovery since the Great Depression, according to the Fiscal Policy Institute’s (FPI) 2013 edition of The State of Working New York. The report notes that in addition to lost job opportunities and health benefits, New York workers are suffering from prolonged periods of joblessness, and high rates of underemployment (or “hidden unemployment”), reflecting more discouraged workers who have given up… (read more)
May 2, 2013. A new report from JobsFirstNYC and co-authored by James Parrott, Deputy Director and Chief Economist, Fiscal Policy Institute, and Lazar Treschan, Director of Youth Policy, Community Service Society, takes an in-depth look at both the supply and demand dimensions of the job market faced by New York City’s 18- to 24-year-old young adult population. Barriers to Entry: The Increasing Challenges Faced by Young Adults in the New York City Labor Market looks at changes in the city’s… (read more)
March 11, 2013. A letter to the editor by James Parrott, Crain’s New York Business.
Greg David’s March 4 column (“Inequality debate doesn’t reflect reality”) could have been titled “Economists agree NYC’s inequality is very high and poverty is up; some think it’s a problem.”
Fiscal Policy Institute reports have documented this reality: The local economy has fared better than the nation overall in the recovery, yet inflation-adjusted median incomes here have plummeted by 8%, more than for the… (read more)
March 5, 2013. Part I of the budget briefing on Mayor Bloomberg’s Preliminary FY 2014 NYC Budget makes the following points:
- Unemployment remains very high in this historically weak “recovery.” NYC job growth better than the U.S., but considerable hardships persist.
- NYC tax revenues have rebounded, but federal and state aid share declined.
- State budget choices and pressures continue to squeeze NYC.
- City-funded expenditures projected to increase 3.4% in FY 2014, with increases in debt service and health
February 8, 2013. One of New York City’s biggest challenges is providing a sufficient number of decent job opportunities to enable its citizens to provide for their families and offer hope of a better life for their children. The city’s pronounced income polarization is fundamentally rooted in the job market. Economic and labor market changes over the years have severely limited the availability of good jobs that provide reasonable health and retirement benefits. These changes, which threaten the survival of… (read more)
December 20, 2012. Prepared by FPI for the Brooklyn Chamber of Commerce, the latest issue of the BLMR looks at Brooklyn’s food chain including specialty food manufacturing, restaurants, and gourmet food stores. The report finds that when you look at the entire Brooklyn food chain—starting with food manufacturing and wholesale distribution, and including grocery stores, specialty food stores, restaurants and coffee shops—nearly 59,000 people are employed in 7,800 businesses. Thus, the food chain accounts for 16 percent of the 49,000 businesses… (read more)
November 15, 2012. A new report from the Fiscal Policy Institute shows that various income measures all point toward the same conclusions: In recent years, polarization has intensified; and New York has been one of the national leaders in this undesirable trend. The top one percent share of income dipped during the recession, but has started to rise again in the recovery. Further, no state is more polarized than New York and no large city is more polarized than New York City, (using… (read more)