New York State economy

Sizing up the Governor’s Proposed 2012-2013 Executive Budget in its Economic Context

January 19, 2012. A briefing document by James A. Parrott, Ph.D., Deputy Director and Chief Economist, Fiscal Policy Institute.… (read more)

State of Working New York 2011, Part II: Great Recession takes a $31 billion toll on New Yorkers

November 29, 2011. New data show that New York families face smaller incomes, fewer opportunities, more hardship. The Fiscal Policy Institute’s 2011 annual edition of the State of Working New York examines how bad the Great Recession and the not-so-great “recovery” have been for the wages and incomes of typical New Yorkers. Of the 504,000 jobs lost, 80 percent are wage and salary positions, and about 20 percent represent fledgling businesses that haven’t been started because of the difficult economic … (read more)

NYC Labor Market Challenges Facing Older Workers

September 22, 2011. FPI’s James A. Parrott delivered testimony before the New York City Council Committee on Aging detailing the following points: Unemployment for older workers has continued to increase during the past year and a half, despite the recovery. And many older workers who are still employed have seen their hours, and their weekly pay, reduced. For New York City workers ages 55-64, both unemployment and under-employment are sharply higher now than before the recession began, and higher than … (read more)

State of Working New York 2011, Part I: One in seven New Yorkers out of work two years into “recovery”

August 31, 2011. FPI’s 2011 annual edition of the State of Working New York documents New York’s continuing unemployment crisis in the context of the weak national economic recovery. Two years into the “recovery” from the Great Recession of 2008-2009, one in seven New York workers is unemployed, under-employed or has given up looking for work – a total of 1.4 million New Yorkers. Long-term unemployment is at record levels. Half of the unemployed have been out of work for … (read more)

Governor Cuomo’s Fiscal Policies: How Will New York’s Economy Be Affected?

June 24, 2011. Governor Cuomo won a great political victory in getting his 2011-2012 budget adopted on time and with very few changes. And it now looks like the Legislature will be enacting – again with very few changes – the very tight cap on property tax levies that the Governor spelled out during his 2010 campaign. This brief examines how the New York economy fared, compared to other states, under the more balanced fiscal policies of recent years. But … (read more)

What do the new Census population numbers tell us about New York’s economy?

January 20, 2011. This data brief, a response to claims that the Census figures depict New York’s economic decline, considers the Census population numbers in relation to other measures of New York State’s relative economic performance over the past decade. The brief is first in a series – Numbers that Count – presenting and analyzing new data on New York’s economy.… (read more)

Misleading NYS GDP Data for 2009: Federal release distorts picture of NYS’s economy

November 18, 2010. The Bureau of Economic Analysis today released advance estimates that dramatically overstate New York State’s actual economic decline for 2009 – making New York the third worst-off state – because the BEA figures are based on very partial data and exclude any information on corporate profits. A much better indicator of New York’s relative economic performance in 2009 is provided by BEA’s own data on total employment by state, which put New York tenth best of the … (read more)

High unemployment persists, but New York has not fared as badly as most states in the downturn

October 22, 2010. A new report from the U.S. Department of Labor shows that from the start of the national recession through September 2010, New York’s 3.3 percent total job loss ranked it 39th among all states. New Yorkers have certainly not been spared the recession’s devastating effects; however, New York was hit less hard than most parts of the country. Still, there were 800,000 New Yorkers officially unemployed in September, a number nearly 75 percent higher than when the … (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)

State of Working New York 2010: New York starting to see job growth but not yet recovery

September 5, 2010. While New York and the nation have begun to see some modest job growth, unemployment rates remain unacceptably high and recovery is not yet helping most New York workers. New York is hardly unique; from December 2007 through December 2009, the state lost 250,000 jobs, a 2.8 percent job decline. Forty states had even worse job performance over that period. Those with managerial/professional occupations are earning more in New York City, while those in non-managerial/non-professional occupations are … (read more)