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.
New Yorkers love the holidays – it doesn’t take more than quick walk down any wintery block in Manhattan to figure that out. Holiday music rings in every store, and “tree-lined street” fosters a whole new meaning as Christmas pines are sold on virtually every corner. And importantly, what we on the Economic Research & Analysis team call the holiday economy bustles with renewed fervor. The holiday economy is comprised of a number of factors, and this month we’re exploring how cultural and religious institutions throughout the City impact the local economic landscape.
The Macy's Thanksgiving Day Parade draws 3.5 million enthusiastic visitors to Manhattan, as well as roughly 50 million television viewers. Festivities held over the long weekend have enticed thousands of tourists to visit New York City, boosting business for the city’s 50,000 hospitality workers and 300,000 food and beverage service employees.
Still deciding on treats for Halloween night? According to the sales data from the online retailer Candy Store, the New York State candy favorite is Sour Patch Kids. From 2007-2015, New Yorkers have ordered 198,000 lbs. of Sour Patch Kids on average from the online store in the three months leading up to Halloween. For those who are looking to diversify their candy bowl offerings, the runner-ups were Candy Corn (95,000 lbs.) and Reese's Peanut Butter Cups (39,600 lbs.), indicating a clear favorite in New York.
To celebrate National Manufacturing Day, the Economic Research and Analysis team at NYCEDC looked at trends in the manufacturing industry in New York City. We found that the sector is on the rise, employing over 78,000 workers in 2015, or 2.1% of the city’s private sector employees.
Small businesses are a hugely important part of the economy. The Small Business Administration recently cited that over 99.7 % of all employers are small firms across the United States. Small businesses are especially important in NYC, employing approximately 1.7 million individuals as of Q4 2014. Recently, the Center on Urban Future, a NYC think tank, found that just over 90% of all NYC businesses actually had fewer than 20 employees. According to their research, this is a higher percentage than all but one of the 363 metro areas across the United States. This month’s economic snapshot is zooming in on small businesses to review and analyze trends, post-recession growth and ownership demographics in NYC.