Economic Outlook

Stiglitz calls for a second stimulus at FPI event

October 8, 2010. FPI presented its Frances Perkins Working People's award to Nobel economist Joseph Stiglitz at an event in Manhattan on October 7. In his acceptance remarks, Stiglitz made a strong case for additional economic stimulus to put the country firmly on the road to recovery. A good summary of Stiglitz's remarks by Kathy Brady of the New York City Employment and Training Coalition is available in the October 8 edition of NYCETC's newsletter, the NYC Workforce Weekly. Article >>

2020-11-13T14:42:46-05:00October 8th, 2010|Blog, Economic Outlook, Economic Trends & Policy, Tax & Budget|
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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 >>

2020-11-13T14:50:33-05:00September 20th, 2010|Economic Outlook, Economic Trends & Policy, Press Releases|
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Poverty on the Rise in New York and Nation in 2009: Federal Assistance Lessened Recession’s Impact

September 16, 2010. The Census Bureau today released state-level data showing that the poverty rate in New York State rose dramatically from 14.2 percent in 2008 to 15.8 percent in 2009. The number of New Yorkers in poverty jumped by 284,000 to a little over three million. Only once since 1980 - from 1989 to 1990 - has the poverty rate risen more than it did in 2009. The new data also show that 2009 brought a large increase in the national poverty rate, which [...]

2020-11-13T14:42:46-05:00September 16th, 2010|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Press Releases|
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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 earning less. Both groups are [...]

2020-11-13T14:50:33-05:00September 5th, 2010|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|
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New York City Immigrants in the Great Recession

August 2, 2010. How are immigrants faring in the economic downturn? Data released by FPI shows that immigrants, who make up nearly half of the New York City labor force, have an unemployment rate that is slightly lower than for U.S.-born workers. First, immigration is sensitive to labor market demand, so when there are fewer jobs, immigration slows. Second, lacking a safety net, immigrants are more likely to work at whatever jobs they can get. U.S.-born workers may have the resources to search longer for [...]

2020-11-13T14:42:46-05:00August 2nd, 2010|Economic Outlook, Economic Trends & Policy, Migration, Press Releases, Reports, Briefs and Presentations|
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New York Not-for-Profits Fighting Governor’s Vetoes

July 27, 2010. Governor Paterson's vetoes eliminated funds for the 2010 fiscal year and previous years - funds that had been promised by legislators to not-for-profits for a variety of critical services and needed programs in local communities throughout the state. Albany press conference: FPI's Frank Mauro and Ron Deutsch of New Yorkers for Fiscal Fairness were among the speakers. Sponsored by the New York AIDS Coalition, New York State Catholic Conference, New York State Community Action Association, New York Library Association, New York State [...]

2020-11-13T15:09:27-05:00July 27th, 2010|Blog, Economic Outlook, Economic Trends & Policy, Social Policy, State Budget, Tax & Budget|
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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 includes commentary on the state as [...]

2020-11-13T14:48:31-05:00May 20th, 2010|Economic Outlook, Economic Trends & Policy, Reports, Briefs and Presentations, State Budget, Tax & Budget|
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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 in Gotham Gazette's Economy section. [...]

2020-11-13T14:48:31-05:00May 10th, 2010|Economic Outlook, Economic Trends & Policy, Letters, Reports, Briefs and Presentations|
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China trade gap displaces 140,000 New York jobs

March 23, 2010. China's currency manipulation fuels continued trade imbalance. New York has lost 140,000 predominantly middle-wage manufacturing jobs in recent years as a result of China's unfair trade practices, according to a new report from the Economic Policy Institute. Press release with data for New York Congressional districts >>

2020-11-13T14:50:34-05:00March 23rd, 2010|Economic Outlook, Economic Trends & Policy, Press Releases|
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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.

2020-11-13T14:50:34-05:00March 10th, 2010|Economic Outlook, Economic Trends & Policy, Reports, Briefs and Presentations|
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