New York City economy

Brooklyn Labor Market Review – Winter 2011

January 10, 2011. This study commissioned by the Brooklyn Chamber of Commerce shows that the borough was a leader citywide in job creation despite the ongoing recession. The diversity of Brooklyn’s economy coupled with growth in healthcare, retail, food service, professional services and administrative sectors helped the borough remain stable in 2009 and gain jobs in 2010. Employment growth surpassed projections. Report >>(read more)

City Poverty Rate Jumped as the Economy Slumped

September 27, 2010. An article by James Parrott, FPI’s deputy director and chief economist, who writes regularly for Gotham Gazette’s Economy section. Article >>(read more)

Statement from James Parrott on the National Bureau of Economic Research Announcement on the Business Cycle

September 20, 2010. Most New York workers remain mired in a high unemployment, unacceptably slow recovery, despite today’s announcement by the NBER that the national recession bottomed out in June 2009, 15 months ago. By the most optimistic projections, three to four years of faster job growth are required to bring the unemployment rate back down to the pre-recession. More forceful economic stimulus measures must be applied to prevent this Great Recession from turning into another Great Depression. Statement >>(read more)

The Great Recession Lingers in New York City and its Neighborhoods

September 15, 2010. Economic overview and outlook for New York City – a presentation by FPI’s deputy director and chief economist, James Parrott. Presentation >>(read more)

Looking to a National Recovery

August 30, 2010. An op ed by James Parrott, New York Times. Part of “Room for Debate” – How Healthy Is New York City’s Economy?(read more)

New York City: Economic and Budget Challenges

May 20, 2010. While Wall Street may have recovered, the average New York worker is still mired in the Great Recession. New York like most states has severe budget problems and not enough Federal aid; moreover, state and local government budget cuts will harm the local economy and slow the national recovery. In this context, the Mayor’s NYC budget proposal punishes workers and the poor but does not ask the well-off or Wall Street to share the burden. This presentation … (read more)

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)

New York’s Unemployment Crisis

March 10, 2010.  An update from the Fiscal Policy Institute: In January 2010,  852,000 New Yorkers were unemployed, including 413,000 New York City residents. This fact sheet includes data on New York unemployment rates and payroll job losses, including FPI estimates of unemployment by gender, race, and ethnicity, and long-term unemployment.… (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)