Economic Outlook

NY Daily News: NYC jobs market booming under Cuomo — but for rest of state, it’s a different story

NEW YORK DAILY NEWS By Jim Heaney and Charlotte Keith Saturday, April 1, 2017, 12:47 PM Job creation in New York State under Gov. Cuomo is akin to a tale of two cities. There is New York City — and everyplace else. New York City added some 600,000 jobs since Cuomo took office in 2011. That's a 16% jump, well above the national average of 11% and better than all but five states. Job growth is more modest elsewhere in the Empire State — and [...]

Fiscal Policy Institute2024-12-18T12:26:44-05:00April 7th, 2017|Blog, Economic Outlook|

Will Trump’s Immigration Policies Wreck The Construction Industry?

April 4, 2017. FPI's, David Dyssegaard Kallick, was quoted in an article arguing that Trump's immigration policies could have significant implications on industries heavily populated with immigrant workers, such as the construction industry. The article argues that Trump's policies instill fear in workers, create abuse and will create a decline in workers in the construction industry For industries traditionally populated by immigrants, like construction, the policies could have significant implications. The uncertainty surrounding how these orders will play out nationally and even in cities like [...]

Fiscal Policy Institute2024-12-18T12:26:44-05:00April 4th, 2017|Blog, Economic Outlook|

A Grand Alliance to Save Our Public Postal Service

May 12, 2016. The U.S. Postal Service (USPS) is under attack by forces that favor privatization and oppose sensible proposals to invest in expanding its package delivery services and in re-introducing postal banking services that exist in many countries and that were provided in the United States from 1910 to 1966. With the Postal Service’s unparalleled network of post offices in every neighborhood and village in the country, postal banking has the potential to provide affordable, consumer-friendly financial services to lower-income households and communities that [...]

Fiscal Policy Institute2024-12-18T12:27:00-05:00May 12th, 2016|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Testimony|

New York State Economic and Fiscal Outlook FY 2017

February 3, 2016. In its 26th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2017 Executive Budget. The Executive Budget advances some bold and progressive proposals that well reflect the values and needs of New Yorkers. In particular, the governor has shown great leadership and vision in forcefully advocating for a first-in-the nation statewide $15 minimum wage. If enacted, the minimum wage increase would lift the incomes of 3.2 million New Yorkers who desperately [...]

Fiscal Policy Institute2024-12-18T12:27:02-05:00February 3rd, 2016|City Budget, Economic Outlook, Economic Trends & Policy, Education, Healthcare, Labor Market & Workforce, Reports, Briefs and Presentations, Social Policy, State Budget, Tax Policy|

Business profits in New York State have grown much faster than wages since 2001

December 1, 2015. In a new analysis, the Fiscal Policy Institute finds that business profits per worker in New York State increased by 61% from 2001-13, while labor compensation per worker has risen by only 34%, and the typical worker received wage increases of 25-29%, much less than inflation. James Parrott, the Institute’s Deputy Director and Chief Economist stated: “These data confirm once again that most workers in New York have not been sharing in the fruits of the state’s economic growth over the past [...]

Fiscal Policy Institute2024-12-18T12:27:03-05:00December 1st, 2015|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Reports, Briefs and Presentations|

New York City’s Recovery Finally Starts Generating Wage Gains

April 13, 2015. In this report, FPI's analysis shows that New York City's recovery is finally starting to generate wage gains. After years of wage and family income declines since the 2008-09 recession, several signs are emerging of real wage growth in New York City. The three major current government economic data sets all point to fairly widespread and firmly-established wage growth beginning in 2014. Bureau of Labor Statistics (BLS) average private hourly earnings data show a 2.7 percent real gain for the six months [...]

Fiscal Policy Institute2024-12-18T12:27:04-05:00April 13th, 2015|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Reports, Briefs and Presentations|

Wage Standards are Key to Reversing the Erosion of Wages and Living Standards in New York City

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 skilled labor provides a path into [...]

Fiscal Policy Institute2024-12-18T12:27:22-05:00December 16th, 2014|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

Economic and fiscal impacts of proposed consolidations involving 5 postal facilities

November 10, 2014. The American Postal Workers Union asked FPI to estimate the net economic and fiscal impacts of proposed consolidations involving five postal facilities around the country. The proposed consolidations were part of a nationwide “cost-savings” plan that would have further slowed mail delivery times. One of these involved a proposal to downsize sorting operations at the mail processing center in Newburgh, New York, in the lower Hudson Valley and to consolidate these operations at the Albany processing and distribution facility, 90 miles away. [...]

Fiscal Policy Institute2024-12-18T12:27:23-05:00November 10th, 2014|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Reports, Briefs and Presentations|

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. The briefing summarizes trends in state and federal aid, and analyzes projections for tax revenue growth. Parrott describes the municipal labor contract situation as a challenge but not [...]

Fiscal Policy Institute2024-12-18T12:27:26-05:00March 11th, 2014|Economic Outlook, Economic Trends & Policy, Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|

New Report Examines Shale Drilling Impact

November 21, 2013. Drilling in the six states that span the Marcellus and Utica Shale formations has produced far fewer new jobs than the industry and its supporters claim, according to a report by the Multi-State Shale Research Collaborative, a group of research organizations tracking the impacts of shale drilling that includes the Fiscal Policy Institute. The Marcellus and Utica shale formations span six states: New York, Ohio, Pennsylvania, West Virginia, Maryland, and Virginia. Natural gas development in these six states was fueled by high [...]

Fiscal Policy Institute2024-12-18T12:27:28-05:00November 21st, 2013|Economic Outlook, Economic Trends & Policy, Press Releases, Reports, Briefs and Presentations|

State of Working New York 2013: Workers Are Paying a High Price for Persistent Unemployment

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 looking for work. Moreover, out-of-work New [...]

Fiscal Policy Institute2024-12-18T12:27:29-05:00August 28th, 2013|Economic Outlook, Economic Trends & Policy, Must Read, Press Releases, Reports, Briefs and Presentations|

Barriers to Entry: The Increasing Challenges Faced by Young Adults in the NYC Labor Market

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 labor market over the past decade [...]

Fiscal Policy Institute2024-12-18T12:27:54-05:00May 2nd, 2013|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Must Read, Reports, Briefs and Presentations|

Different View of NY’s Inequality Numbers

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 U.S. overall, and poverty has increased [...]

Fiscal Policy Institute2024-12-18T12:27:57-05:00March 11th, 2013|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Letters|