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.
December 13, 2010. New data shows that extreme inequality restrains growth for most New Yorkers - polarization trends in New York City and New York State expose an economic fault line. A new report from FPI documents the pronounced concentration of income growth that has occurred in New York State and New York City since 1980 - the first time that state income tax data has been compiled to analyze trends since 1980 in income growth by various segments of the state's population. Among the [...]
December 7, 2010. Over $8 billion a year goes to “back door” spending in the name of job creation. This new report from FPI identifies $5.4 billion a year in state government "back door" spending in the name of economic development and job creation. An additional $2.8 billion a year is being drained from New York's local government budgets because of a variety of tax expenditures in state law. In these tough budget times, these billions of dollars in business tax expenditures, which have historically [...]
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 50 states. Release with data [...]
November 17, 2010. This report shows the big overall immigrant contribution to Long Island's economy, stressing the diversity of immigrant jobs, but also looking at whether immigrants are displacing U.S.-born workers or lowering wages. For nearly all Long Island residents the answer is no. However, there is reason for concern about African American men with a high school diploma or less. They seem to be losing ground (higher unemployment rates) as immigrant share of the labor force increases. This issue deserves attention despite the fact [...]
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 recession began in New York [...]
September 27, 2010. Low- and moderate-income New Yorkers have a huge stake in the tax debate now going on at the national level: over $600 million annually in work-supporting tax credits. Enhancements to the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) that were made by the American Recovery and Reinvestment Act (ARRA) will expire at the end of 2010 unless extended by Congress. A new report from the Fiscal Policy Institute reviews the workings of these two tax credits, how they [...]
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 >>
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 [...]
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 [...]
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 [...]
June 29, 2010. As New York recovers from the current recession, long-term economic prosperity will require responsible planning that puts all New Yorkers on the path to self-sufficiency. What does it take to make ends meet in New York without public or private assistance? How can we measure income adequacy? The Self-Sufficiency Standard published here answers these questions, using the best tools available to set out practical levels of economic security for New York families and individuals. The Self-Sufficiency Standard defines the income needed to [...]
April 19, 2010. This new report details how a temporary bonus tax and other Wall Street measures could ease New York's budget crisis and fund property tax relief for the most burdened households. Sensible options for closing the state budget gap meet three goals: Support rather than undermine the needs of New York families. Minimize the negative impact of this year’s budget decisions on the fragile state economy. Require the New York financial industry - which bears responsibility for much of the negative impact on [...]
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 >>
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 Central Bronx and 19.2 percent [...]