The Bureau of Economic Analysis released its Local Area Personal Income data for 2020 last week.
Last year I produced a two-part analysis of the data, going back to its earliest availability in 1969 through the peak of the recent boom in 2019.
But thanks to the COVID-19 pandemic 2020 was an odd year that is not indicative of any long-term trend in our economy and society. Or so we hope. But since I had to download the data anyway for another purpose, I’m going to present a few notes on just how hard New York City was hit economically by pandemic, following up on the Current Employment Survey data at I wrote about earlier this year.
Then answer is pretty damn hard.
In addition, since it is in the national news, I’ve also downloaded, and made some charts from, data on who is and who is not in the labor force. For all the talk about the “great resignation,” “lying flat,” and people loafing on unemployment insurance, the decrease in people working or looking for work is actually an inevitable consequence of demographics. With more and more members of the relatively large Baby Boom generation hitting retirement, and no more members of the also relatively large Millennial generation hitting the workforce at the same time.Continue reading