Mapping New York's Recession
December 21st, 2009

The economic crisis in New York — as opposed to say, Flint –has often been depicted as a story of high-end financiers and real estate entrepreneurs. But while such affluent people may have lost incomes they apparently have kept their jobs.

According to a neighborhood-by-neighborhood study by the Fiscal Policy Institute, the economic downturn has ravaged not the East Side, but East New York. While unemployment on the Upper East Side and Upper West Side hovered at around 5 percent in the third quarter of 2009, the jobless rate reached more than 19.2 percent in East New York and 15.7 percent in sections of the Bronx, according to the institute’s estimates.

Black men continued to have the most trouble finding work, with one in five listed as officially unemployed. And unemployment hits hardest in rate in November was 10 percent, a slight drop from October.

On Gotham Gazette today, James Parrott, deputy director and chief economist for the institute, discusses the key role job creation must pay before a true economic recovery can begin. See Job Creation on Washington’s Agenda for 2010.

By on December 21, 2009, 12:23 pm
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