Taking the Pulse of the New York City Economy

7 Pages Posted: 21 Jul 2006

See all articles by Jason Bram

Jason Bram

Independent

James Orr

Federal Reserve Bank of New York

Abstract

Although New York City's payroll employment is rising briskly, it still falls short of its 2001 peak, raising concerns that the local economy is not generating enough jobs. However, a look at a broader set of economic indicators - alternative job measures, wage and salary earnings, and a composite index of economic activity - suggests that the economy is significantly healthier than the payroll count indicates. Indeed, a measure of employment among New York City residents shows a strong upward trend extending over the past thirty years.

Keywords: payroll employment, index of coincident economic indicators, New York City, September 11 effects

JEL Classification: R0, R1

Suggested Citation

Bram, Jason and Orr, James, Taking the Pulse of the New York City Economy. Current Issues in Economics and Finance, Vol. 12, No. 4, May/June 2006, Available at SSRN: https://ssrn.com/abstract=918481

James Orr

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

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