Taking the Pulse of the New York City Economy - FEDERAL RESERVE BANK of NEW YORK

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Second District Highlights

Taking the Pulse of the New York City Economy

May/June 2006 Volume 12, Number 4

JEL classification: R0, R1

Authors: Jason Bram and James Orr

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.

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