New York City economy

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)

Analyzing the Economy of a Large, Urban County: The Case of Kings County, New York

January 2010. An article by James Parrott that shows available data (in this case, for Brooklyn – Kings County) can be used to estimate the economic impact of the American Recovery and Reinvestment Act (ARRA) at the county level. Published in The Journal of County Administration, Parrott’s article begins on page 3 of the issue; see also an introduction by the president of the Brooklyn Chamber of Commerce (p. 1) and an editorial touting such research (p. 10).… (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)

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)

An Innovator Takes a Fairly Conventional Approach

October 26, 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)

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)

Retail Wages in New York City

June 24, 2009. Testimony before the Bronx Community Board 7’s public hearing on the Kingsbridge Armory Project, presented by research associate Michele Mattingly. As New York City leaves behind an economic era characterized by a financial sector distorted by reckless speculation, it is imperative that we rebuild the city economy on the basis of good, family-supporting jobs that create and sustain the middle-class.… (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)