New York’s Employment Recovery: Almost There but Virus Effects Linger, New Issues Emerge

January 31st, 2024|Comments Off on New York’s Employment Recovery: Almost There but Virus Effects Linger, New Issues Emerge

Gillian Fuchs and James Orr January 31, 2024 Nearly four years after the onset of Covid-19 how is employment in New York City faring? In this post we outline the pattern of recovery of employment in the City and show how employment

A Look at the New York State Budget

February 11th, 2021|Comments Off on A Look at the New York State Budget

James Orr and Merih Uctum
February 10, 2021

Governor Cuomo recently announced the NY State budget for this year, the FY 2022 Executive Budget Financial Plan. Is New York in a deep budget hole? Will a new Federal spending bill help? In this post we dissect the executive budget and examine how economic developments affect budget projections and the bottom line for the current budget plan. Read more

  • Credit: John Minchillo/AP

New York’s Economy Trying to Heal From the COVID-19 Crisis

October 31st, 2020|Comments Off on New York’s Economy Trying to Heal From the COVID-19 Crisis

Fadime Demiralp and James Orr
October 31, 2020

Deep declines in employment across New York resulted from the efforts to contain the COVID-19 outbreak. Where does the economy stand? What factors will affect the recovery? We address these questions in this post. Read more

Sturdy Job Growth in New York City Continues

May 3rd, 2019|Comments Off on Sturdy Job Growth in New York City Continues

James Orr
April 29, 2019

The recovery and expansion of employment in New York City that began following the financial crisis and downturn continued into its ninth year in early 2019. This post examines recent overall job growth in the city and... Read more

Why is New York Job Growth Slowing?

October 31st, 2018|Comments Off on Why is New York Job Growth Slowing?

Fadime Demiralp and James Orr
October 31, 2018

Employment data through the third quarter of 2018 show job growth in New York City and State continuing to moderate from the relatively high rates reached earlier in the recovery. In this post we examine the sources of this cooling off of job... Read more

New York City Job Growth: Healthy, but Divergent Across Sectors

March 28th, 2018|Comments Off on New York City Job Growth: Healthy, but Divergent Across Sectors

James Orr
March 27, 2018

Recently-released employment data show job growth in New York City in 2017 was down only mildly from its pace in 2016 and is still above the comparable nationwide rate. On an average annual basis, employment in New York City expanded 2.0 percent in 2017 following a gain of... Read more

Is the New York Economy Slowing Down?

October 27th, 2017|Comments Off on Is the New York Economy Slowing Down?

James Orr
October 26, 2017

Recently-released employment figures show the number of jobs in New York State and New York City declined sharply in September: The state lost about 34,000 jobs and about two-thirds of the decline occurred in the city, suggesting a possible slowing of the robust employment... Read more

Rising Interest Rates, Mortgage Interest Rates, and New York Home Prices

September 16th, 2017|Comments Off on Rising Interest Rates, Mortgage Interest Rates, and New York Home Prices

Richmond Kyei Fordjour
September 15, 2017

Conventional wisdom tells us that a rise in interest rates hurts the real estate sector since higher mortgage rates discourage first-time homebuyers and raises costs of existing mortgages. Surprisingly, the recent trends in mortgage rates and in housing market indices do not support this view. Read more

How Important is the Finance Sector to the New York City Economy?

June 9th, 2017|Comments Off on How Important is the Finance Sector to the New York City Economy?

James Orr
June 09, 2017

Finance has long been considered a key sector in the New York City economy.  The sector generates about 30 percent of the earnings of workers throughout the city, and thus developments in the sector are critically important for the performance of the overall city economy. Read more

The New York City Labor Market: Recent Developments

April 9th, 2017|Comments Off on The New York City Labor Market: Recent Developments

James Orr
April 04/Revised April 09, 2017

Recently-revised employment data show New York City jobs grew 2.2 percent in 2016, more than 90,000 jobs, well above the national growth rate of 1.8 percent and statewide growth of 1.5 percent.  The relatively strong job performance in the city compared to the nation did not develop... Read more

  • NY Labor Markets

New York Labor Market Developments

January 6th, 2017|0 Comments

James Orr
December 21, 2016

The jobs data for the third quarter of 2016 showed statewide employment levels up 1.2 percent over the same period in 2015, somewhat below the comparable national rate of 1.7 percent. Across the state growth rates varied quite a bit though New York City continued to drive the expansion. The... Read more