Explaining New York City’s Aberrant Economy
While much of the us undergoes a halting recovery from the ‘contained depression’ of the early 1990s, America’s largest city has remained mired in its sharpest downturn since the days of Fiorello LaGuardia. New York’s unemployment rate—which spiked in January 1993 at 13.4 per cent—has continued at double-digit levels for nearly three years. In the rest of America, the recovery has produced two million new jobs, and the labour force has increased by four million. But New York’s labour force has shrunk by 200,000, and it is now going into its fifth year of job shrinkage: almost 400,000 payroll jobs have disappeared. Truly, Gotham has become the Bermuda Triangle of job loss.
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