Those who don’t know us say that New York City is a dog-eat-dog town. We may act like alpha dogs, but real New Yorkers are truly poodles at heart. In fact, the data show that one in seven households in our city have at least one pup under its roof – so we must be softies deep down.
The National Retail Federation (NRF) predicts that 219 million Americans (nearly 70% of the population) will celebrate Independence Day this year. The number of people who will celebrate is 2% higher than last year and the average amount they plan to spend on food items this holiday is up 3% to $73.42 per person. In fact, the holiday is expected to generate $7.1 billion in revenue from food sales.
It’s an unfortunate reality: on average, women earn 80% of what men do in the United States and 86% in New York City. While the wage gap is smaller than the national average, it has remained stagnant over recent years.
The Federal Reserve raised interest rates on March 15, 2017 – only the third time since the height of the financial crisis. So, what does this mean for New York City’s economy? First, let’s explore how interest rates work.
Twenty-sixteen was the hottest year on record – and we don’t just mean the climate! Valentine’s Day spending was the highest ever last year, but the National Retail Federation (NRF) expects spending to ease a bit in 2017. The NRF survey projects that Americans will spend about $18.2 billion on the holiday this year compared with $19.7 billion last year.