Report Cites Weak N.Y. Employment, Wage Recovery
A new report on New York’s economy calls the last 10 years a “lost decade” for typical New York workers, with median wages dropping almost 7 percent for men and about 1 percent for women.
The Fiscal Policy Institute says the recovery from the 2008 recession shows more underemployment despite recovery of overall jobs lost in the downturn.
The institute is a nonpartisan think tank associated with the state’s largest labor unions. It says most growth has come in lower-paying businesses like retailing and restaurants, while a decline in “middle-wage jobs” continues, partly from government job cuts.
Among New Yorkers ages 25 to 64, fewer than 71 percent were working in the first half of this year. That’s down from more than 75 percent before the recession.
Among those 18 to 24, about 45 percent are working, down from 50 percent.
This article appeared in print on page 4 of edition of Hamodia.
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