Manhattan wages post sharpest decline

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New York chart of the week: September 8, 2014

PowerPoint Presentation

  • Average weekly wages have fallen 3.3 percent year-over-year in Manhattan—the sharpest decline among the top 10 largest U.S. counties.
  • Private sector wages are down 4.1 percent year-over-year, largely due to recent shifts in the county’s workforce composition.
  • The contraction in New York’s long-dominant financial services sector has weighed down average wages across Manhattan. Stricter post-recession regulations have led to a decrease in employment and wages in the financial sector, which accounts for about one-third of all wages in New York county.

Source: JLL Research, Bureau of Labor Statistics 2013

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