Tag Archives: wall street pay

Local Area Personal Income Data: The Unsaid

Not long ago, the U.S. Bureau of Economic Analysis released its Local Area Personal Income data for 2015.

https://bea.gov/newsreleases/regional/lapi/lapi_newsrelease.htm

And I downloaded some data, using the “interactive data” tool to the right on the website, to see if various trends I have observed in the past have continued.   The data show that the Tri-state area continues to be a much richer than average part of the U.S., due mostly to those living and working in Manhattan (many of the richest of whom live in the suburbs), but Brooklyn, the Bronx and Queens remain relatively poor. Manhattan is rich enough that New York City’s share of the nation’s personal income is stable even as its share of the nation’s population continues to fall. In New York State the total earnings per worker of state and local government workers (including employee benefits) continues to soar relative to the earnings of most private sector workers, who are left worse off as a result. The idea that lower wages for private sector workers are offset by, and in some sense caused by, higher employer costs for employee benefits hasn’t been true for more than two decades, and Obamacare did nothing to alter this. And more and more people have become self-employed, freelance, and contract laborers, rather than being employees at all, and the average earnings of such workers continues to fall. A series of charts and some discussion follows.

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