City's Economy Is Picking Up

A number of indicators is saying that the city's economy is getting back on track, with the creation of new jobs in retail and tourism. The Daily News compiled some facts from a number of sources:

- City will add 50,000 jobs this year - the first annual increase since 2000 [Crain's NY Business]
- Economists expect NY to add 70,000 more jobs next year. [The 2005 total would be 3.65 million; the peak was in 2000, with 3.72 million jobs.]
- Jobs in the retail and tourism sectors have accounted for the increase. [Think the new Target and Home Depot stores.]
- The city unemployment rate is 6.7%, versus 8.4% a year ago.

The city's vibrance has been apparent for a little longer, given street-anthropology Gothamist has undertaken, with the number of new expensive habits New Yorkers have, from cocktails over $10, new gadgets, and new purses. Gothamist has our fingers crossed that the economy will remain on an steady pace to sustain real growth and give other people opportunities for employment.

A report from the City Comptroller revealed that NYC's first quarter growth looked good.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on October 11, 2004 8:47 AM

Comments [rss]

SUMwon

more opportunity at duane reade. great!

BrianVan

I think more retail jobs are nice, but unfortunately no one can make a respectable living off of those type of jobs. Do you know anyone that can afford a house in any of the 5 boroughs based on an Urban Outfitters' salary?

Tourism is a little different, there are decent paying jobs in that industry. However, it's very much the same - most of the jobs pay more than retail, but often not enough to accumulate the type of savings to get out of renting apartments in the far reaches of the outer boroughs.

We should consider it an economic success when we replace and grow beyond the millions of full-time jobs lost over the past few years, and not when we simply recreate part-time, low wage versions of jobs people that used to provide people with enough money to pay all the bills.

S.D.

Well, Oil hit $53 a barrel last week, Gasoline prices are up, so I really have a hard time believing the Economy is doing any better.

As for New Jobs, I know someone now working two part time jobs just to make ends meet. I wonder, Does he count as two Jobs in our "Improving" Economy?

I suppose if they count the new Burger King, those are "jobs"...