Economic Outlook

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 [...]

The Taxpayer Costs of Low-Wage Fast Food Jobs in New York State

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, but can’t earn enough to lift [...]

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 [...]

Investing in education will build a stronger New York economy

August 22, 2013. The best way for New York State to grow its economy is by expanding investment in a well-educated workforce, according to a new study published by Economic Policy Institute for the Economic Analysis and Research Network (EARN). EARN is a network of 61 state and local economic think tanks and 25 national partners founded by the Economic Policy Institute and several other state and national groups, including the Fiscal Policy Institute. In A Well Educated Workforce is Key to State Prosperity, Noah [...]

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 [...]

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 [...]

Briefing on Mayor Bloomberg’s Preliminary FY 2014 NYC Budget, and a Forward-Looking Budget Agenda

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 insurance. Most agency budgets are cut. Over [...]

The NYC School Bus Workers’ Strike

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 New York as a middle [...]

Brooklyn Labor Market Review – Winter 2012

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 in Brooklyn, and 12.5 percent of [...]

Deep in the trenches: understanding the dynamics of New York City’s front line workforce development staff

December 7, 2012. Recognition of the crucial role played by front line workforce development workers led Workforce Professionals Training Institute and the Fiscal Policy Institute to undertake a study of this profession in New York City. The objective was to analyze the current state of these jobs and the workers who hold them, with a particular emphasis on issues such as job satisfaction, training, and advancement opportunities, for the purpose of improving the quality of outcomes that workforce professionals are responsible for delivering. The report [...]

Pulling apart: The continuing impact of income polarization in New York State

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 the broadest measure of income polarization, [...]

With 9/11 as a guide, here are five ways to consider Hurricane Sandy’s economic impact

November 2, 2012. This piece on the economic impact of superstorm Sandy was written by James Parrott for Quartz, the new international business news site (Qz.com) published by The Atlantic Monthly. Since the October jobs report released today reflects employment conditions as of the second week of the month, it doesn’t tell us anything about the impact of Hurricane Sandy, the most devastating storm to hit the New York metro area in decades. What can we expect to see in job reports in the months [...]

2020-11-13T14:48:29-05:00November 2nd, 2012|Blog, Economic Outlook, Economic Trends & Policy|

The Applied Sciences NYC Initiative: FPI Testimony

September 28, 2012. In testimony submitted to the New York City Council Committees on Economic Development, Higher Education and Technology, James A. Parrott, FPI’s Deputy Director and Chief Economist, concluded that the “Applied Sciences NYC Initiative” represents an important step in diversifying the New York City economy.  According to Parrott, this initiative, which includes the plan for the development by Cornell and Technion Universities of a new engineering campus on Roosevelt Island, as well as projects involving NYU and Columbia University, is “a conscious effort [...]

NYC’s Rising Poverty and Falling Incomes Since the Great Recession

September 27, 2012. The latest data from the Census Bureau on poverty and incomes in 2011 clearly show that New York City has a long way to go to make up for the erosion in living standards caused by the Great Recession of 2008-09. Since the start of the recession, 200,000 more city residents have fallen into poverty, bringing the total to 1.7 million out of a population of 8.1 million.  For 2011, the federal poverty threshold for a 3-person family was $17,916. Poverty has [...]

Employment Patterns in NYC’s Low-Income Neighborhoods

September 12, 2012. James Parrott presented an overview of income and earnings to the New York City Workforce Funders, a group that meets quarterly to share information about workforce issues and enhance the effectiveness of New York City's workforce development programs.

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