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10 posts on "New York City"

October 19, 2016

Lower Manhattan since 9/11: A Study in Resilience

Jason Bram and Joelle Scally

LSE_Lower Manhattan since 9/11: A Study in Resilience

The 9/11 terrorist attack on the World Trade Center left a deep scar on New York City and the nation, most particularly in terms of the human toll. In addition to the lives lost and widespread health problems suffered by many others—in particular by first responders and recovery workers—the destruction of billions of dollars’ worth of property and infrastructure led to severe disruptions to the local economy. Nowhere were these disruptions more severe and long-lasting than in the neighborhoods closest to Ground Zero.

Continue reading "Lower Manhattan since 9/11: A Study in Resilience" »

Posted by Blog Author at 10:00 AM in Employment, Expectations, New York City, Regional Analysis | Permalink | Comments (0)

December 19, 2012

The Impact of Superstorm Sandy on New York City School Closures and Attendance

Rajashri Chakrabarti and Max Livingston

On October 29, superstorm Sandy hit the tri-state area, flooding streets, highways, tunnels, buildings, and homes, and crippling the region’s public transit system. At least ninety-four people in New York and New Jersey were killed. Downed power lines and damaged transformers plunged downtown Manhattan and coastal areas into days and weeks of darkness. The damage is still being assessed, but costs are sure to be in the tens of billions. Schools were no exception to this devastation, both in infrastructural damage and in disruptions to students’ education. The storm shut down all 1,750 New York City public schools for a full week, and many remained closed, damaged, or were relocated in the following week. A few schools will not return to their normal locations until 2013. In this post, we analyze the impact of Sandy on New York City schools and assess how the storm might affect students’ educational outcomes.

Continue reading "The Impact of Superstorm Sandy on New York City School Closures and Attendance" »

Posted by Blog Author at 10:25 AM in New York City, Regional Analysis, Sandy | Permalink | Comments (1)

September 26, 2012

Just Released: August Indexes of Coincident Economic Indicators Show Uneven Growth across the Region

Jason Bram and James Orr

The August Indexes of Coincident Economic Indicators (CEIs) for New York State, New York City, and New Jersey, released today, give a mixed picture of current economic performance across the region. Economic activity in August expanded at a robust pace in New York City while activity in New York State and New Jersey grew at a more modest pace, continuing the pattern seen since the spring.

Continue reading "Just Released: August Indexes of Coincident Economic Indicators Show Uneven Growth across the Region" »

Posted by Blog Author at 9:15 AM in New Jersey, New York City, Regional Analysis | Permalink | Comments (0)

August 13, 2012

Good News or Bad on New York City Jobs?

Jason Bram and James Orr

Unlike much of the nation, New York City has seen a robust rebound in employment since the recession. In early 2012, employment here reached 3.86 million, the largest number of jobs ever recorded. Yet the city’s unemployment rate has risen in recent months and is now 10 percent—its peak during the recession—and well above the 5 percent rate seen before the downturn. This lack of improvement reflects the fact that the number of employed residents of the city has not rebounded at all from its losses during the 2008-09 downturn. While commuters from outside the city have always been a part of the employment scene, particularly in Manhattan, the recent divergence between the brisk growth in jobs in the city and the lack of growth in the number of employed residents in the city is unprecedented. Moreover, this gap between the two measures continues to widen, raising some questions as to how strong New York City’s recovery actually is. In this post, we explore several alternative explanations for the lack of growth in the employment of city residents in the face of a sharp recovery and expansion of jobs. While there are several potential explanations, the stagnation of resident employment remains largely a puzzle.

Continue reading "Good News or Bad on New York City Jobs?" »

June 06, 2012

Is Wall Street the Only Street in New York City?

Jason Bram, Jonathan Hastings,* and James Orr

Has Wall Street—the term for the securities industry that symbolizes New York City’s role as a global financial center—become less of a specialty for the city? In this post, we show that while the securities industry continues to play an outsized role in the New York City economy, the city’s job base has become somewhat more diversified since 1990. Diversification can be beneficial, as it makes a local economy less vulnerable to adverse shocks to its key industry. A recent example appears in a post by Bram and Orr showing that with Wall Street in a bit of a slump, nonfinancial industries have picked up the slack and are leading the city’s employment recovery this time around.

Continue reading "Is Wall Street the Only Street in New York City?" »

Posted by Blog Author at 7:00 AM in New York City, Regional Analysis | Permalink | Comments (0)

March 21, 2012

Just Released: January’s Indexes of Coincident Economic Indicators Show Fairly Robust Activity across the Region

Jason Bram and James Orr

The January Indexes of Coincident Economic Indicators (CEIs) for New York State, New York City, and New Jersey, released today, show fairly robust economic growth entering 2012. Importantly, this month’s release incorporates the annual benchmark employment revisions for 2010 and 2011, with the revised indexes revealing that the regional economy had more momentum in the second half of 2011 than previously thought.

Continue reading "Just Released: January’s Indexes of Coincident Economic Indicators Show Fairly Robust Activity across the Region" »

August 24, 2011

Just Released: July’s Indexes of Coincident Economic Indicators Show Economic Activity Picking Up across the Region

James Orr

The July Indexes of Coincident Economic Indicators (CEIs) for New York State, New York City, and New Jersey, released today, reveal that economic activity continued to expand in both New York State and New York City and—for the second month in a row—picked up moderately in New Jersey.

Continue reading "Just Released: July’s Indexes of Coincident Economic Indicators Show Economic Activity Picking Up across the Region" »

Posted by Blog Author at 7:00 AM in New Jersey, New York City, Regional Analysis | Permalink | Comments (0)

May 09, 2011

The Great Recession and Recovery in the Tri-State Region

Jason Bram and James Orr

In 2008, as the financial crisis unfolded and the U.S. economy tumbled into a sharp recession, the outlook for the tri-state region (New York, New Jersey, and Connecticut) and especially New York City—the heart of the nation's financial industry—looked grim. Regional economists feared an economic downturn as harsh as the one in 2001, or the even deeper recession of the early 1990s. Now, as the recovery takes hold, we can report that although the economic downturn was severe in the region, with the unemployment rate surging above 9 percent in many places, it was less severe than many had anticipated. This post—which is based on the New York Fed’s May 6 Regional Economic Press Briefing—recaps how the Great Recession affected employment across the region, how the ensuing recovery has progressed, and what the prospects are for job growth as we go forward.


Continue reading "The Great Recession and Recovery in the Tri-State Region" »

May 06, 2011

Historical Echoes: New York City’s Economy – That Was Now, This Is Then

New York Fed Research Library

Discussions of New York City’s economy that focus on declining employment, a shrinking securities industry, and a reduction in municipal jobs might suggest the present. These concerns, however, are not new. In the 1970s, New York City faced many of the same problems it does now in the aftermath of the Great Recession. Back then, some observers doubted that the city could ever recover its former glory.

Continue reading "Historical Echoes: New York City’s Economy – That Was Now, This Is Then" »

Posted by Blog Author at 10:00 AM in Employment, Historical Echoes, New York City | Permalink

May 02, 2011

New York City’s Economic Recovery—Main Street Gets the Jump on Wall Street

Jason Bram and James Orr

After bottoming out in late 2009, New York City’s economy has been on the road to recovery. In this post, we call attention to an unprecedented feature of the current economic recovery: overall employment in the city began to rebound from the recession well before Wall Street started adding jobs. We also consider some questions that this development naturally raises: What took Wall Street employment so long to recover? What’s been driving job generation on Main Street? What does the recent pickup in Wall Street employment suggest about the outlook for the city’s economy?

Continue reading "New York City’s Economic Recovery—Main Street Gets the Jump on Wall Street" »

Posted by Blog Author at 10:00 AM in Employment, Financial Markets, New York City, Wages | Permalink | Comments (0)
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