New York Economy

The economy of New York City is not much different than elsewhere in the United States. This is the largest economy hub in America, and second in the world. Some of the highest services are available in New York City, such as legal, financial, real estate and management. It is also a major center for the media and journalism.

The New York Stock Exchange is the largest in the world. However, the recent decline in the global market and evidence of a weakened economy has shocked New York. The major Wall Street players such as General Motors, General Electric and Citigroup have taken a beating in the last 24 months. This, along with additional unemployment, has kept New Yorkers on their toes. Many small and large businesses in the New York City area have to choose between keeping employees or cutting hours. Since so much depends on the stock market, the economy remains tentative in New York City, as well as everywhere else in the nation.

Overall, throughout New York State, the general workforce has declined. The impact of this is felt by everyone including dry cleaners, day care providers, brick layers and cab drivers. Officially, the fourth quarter of 2008 is said to be the worst in New York City history. The loss of 65,000 jobs and construction and manufacturing being curtailed has not helped. It is estimated that the average household value dropped 6.8 percent in 2008.

Much of the economy is driven by the stock market and the Gross Domestic Product (GDP). This has not been sustained by employment and stable prices; therefore, the economy has become unstable and inconsistent.