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New York City’s Economic Recovery—Main Street Gets the Jump on Wall Street

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Abstract

After bottoming out in late 2009, New York City’s economy has been on the road to recovery. In this post, we call attention to an unprecedented feature of the current economic recovery: overall employment in the city began to rebound from the recession well before Wall Street started adding jobs. We also consider some questions that this development naturally raises: What took Wall Street employment so long to recover? What’s been driving job generation on Main Street? What does the recent pickup in Wall Street employment suggest about the outlook for the city’s economy?

Suggested Citation

  • Jason Bram & James A. Orr, 2011. "New York City’s Economic Recovery—Main Street Gets the Jump on Wall Street," Liberty Street Economics 20110502, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86744
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    Keywords

    Financial Sector; Wall Street; Employment; New York City; Securities;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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