Comptroller Stringer: Unemployment Continued to Fall as City’s Economy Steadily Grew

Third Quarter Economic Update Shows More New Yorkers Working Than Ever Before

   New York City’s economy experienced moderate growth as unemployment continued to fall to record-low levels in the third quarter of 2018, according to an economic update released today by New York City Comptroller Scott M. Stringer.

“The numbers here show that New York City’s economy continues to be strong yet we still have improvements to make. While more New Yorkers are working than ever before, new jobs are concentrated in low-wage industries, preventing them from achieving economic security,” said Comptroller Scott M. Stringer. “We have to ensure that economic growth lifts New Yorkers up – and to do that we must increase access to jobs with better wages as well as affordable childcare, housing, and educational and job training opportunities.”

Released every three months, the Comptroller’s Quarterly Economic Update tracks New York City’s economic health and analyzes the City’s economy in a national context. Findings in the Third Quarter 2018 Update include:

NYC Economy Expands at Steady Pace

• New York City’s economy expanded 2.8 percent in the third quarter of 2018, roughly the same pace as in the first and second quarters.
• In comparison, the U.S. economy, as measured by the change in real GDP, grew 3.5 percent (advance estimate).

Unemployment Rate at Historic Low

• The City’s unemployment rate, adjusted for seasonal variations, fell from 4.2 percent in Q2 2018 to 4.1 percent in Q3 2018, the lowest rate on record.
• The U.S. unemployment rate fell to 3.8 percent in Q3 2018, the lowest rate since 3.6 percent in Q4 1969.
• More New Yorkers are working than ever before. The number of employed City residents increased by 6,200 in Q3 2018 to a record high of 4,055,300.

Private-Sector Jobs Growth Accelerated, Largely in Low-Wage Industries

• Private-sector hiring grew at an annual rate of 1.5 percent in Q3 2018.
• However, of the 15,100 private-sector jobs added in the third quarter, 11,700 (77.4 percent) were in low-wage industries.
• The largest private-sector job gains were 10,100 new jobs in health care and social assistance, 3,600 jobs in leisure and hospitality, and 3,000 new jobs in professional and business services.
• Housing-related sectors added just 200 jobs in Q3 2018 after losing 2,600 in the second quarter.

Earnings Measures Continued to Rise

• Average hourly earnings (AHE) of all private NYC employees rose 4.1 percent to $36.38 in Q3 2018, compared to the same period last year. U.S. average hourly earnings grew 3.0 percent to $27.12 in Q3 2018.
• NYC personal income tax (PIT) revenues, a proxy for personal income, rose 6.5 percent or $158.2 million on a year-over-year basis to about $2.6 billion in Q3 2018. The increase was driven by a 4.4 percent rise in withholding taxes and 13.6 percent increase in estimated taxes, the two main components of PIT revenues.
• Estimated tax payments, which reflect trends in taxpayers’ non-wage income, including interest earned, rental income, and capital gains, grew 13.6 percent in Q3 2018 on a year-over-year basis.

Commercial and Economic Indicators Strong

• Venture capital (VC) investment in the New York metro area surged by 31 percent to $5.86 billion in Q3 2018 compared to a year ago. However, the number of deals in the New York metro area fell to 159 in Q3 2018 from 213 in the year before, following a similar trend nationwide.
• New commercial leasing stayed strong, rising 18.0 percent from the year before to about 9.6 million square feet in Q3 2018. Commercial rents remained stable and vacancy rates fell slightly citywide.
• The residential housing market weakened in part due to federal changes to SALT deductibility, rising mortgage interest rates, a lower limit on mortgage interest deductibility, and a stronger dollar overall.
  • Home prices in Manhattan, as measured by the average sales price and average price per square foot, fell on a year-over-year basis for the fifth consecutive quarter after nine consecutive quarters of year-over-year growth. The number of Manhattan sales also declined for the fourth consecutive quarter, causing an increase in listing inventories.
  • Unlike in Manhattan, housing prices increased in Brooklyn and Queens. The average sales price in Brooklyn rose 7.2 percent to $1,051,999, while the average sales price in Queens rose 3.4 percent to $635,281. However, the number of sales decreased, increasing listing inventories.

• Average weekday ridership on MTA NYC Transit fell 3.1 percent in Q3 2018 from a year ago as subway ridership fell 2.6 percent and bus ridership fell 4.7 percent. Ridership on the Long Island Rail Road rose 0.8 percent, but remained unchanged on Metro North.
• The City’s leading economic indicators signaled continued expansion. The current business condition index provided by ISM-New York, Inc. (which measures the current state of the economy from the perspective of business procurement professionals) rose to a record high of 74.7 percent in Q3 2018, from 58.6 percent in Q2 2018. Any number above 50 percent indicates continued expansion.
• Initial unemployment claims, which shows the number of applicants for unemployment insurance, declined for the third consecutive quarter.

To view the full report and interactive webpage, click here.

South Bronx Unite - Sat, Nov 17, 4-6 pm: "Asthma Alley" Film Screening and Panel Discussion

ASTHMA ALLEY Special Film Screening  PANEL DISCUSSION What Are We Doing To Stop The Health Crisis & Where Do We Go From Here?   Sat, Nov 17, 4-6 pm BronxArtsSpace 305 East 140th Street, Bronx

RSVP

Asthma Alley

In ASTHMA ALLEY, Cynthia Ruales finds hope in music when climate change, air pollution and worsening pollen seasons intertwine in ways that make it hard for her to breathe. Cynthia lives with her mother in an area of the South Bronx known as "asthma alley" where the rate of this chronic disease is 8 to 12 times higher than the national average. While Cynthia fears the drug and gang violence that define her neighborhood, she worries even more about the daily assault on her body caused by the highways, truck thoroughfares, and open-air industrial facilities that surround her. Although she discovers that she can increase her lung capacity by playing the saxophone and clarinet, she continues to suffer life-threatening asthma attacks. Her story sheds light on the complex relationship between fossil fuel combustion, climate change, more potent pollen seasons, and increased emergency room visits. Cynthia performs in a much-anticipated concert organized by community activists to raise awareness about record-high asthma rates in the South Bronx. The immediate distribution of this film is essential to amplify the voices of the environmental justice advocates who are behind the event featured in the film's finale, and to respond to the fact that environmental harms are distributed along familiar lines of race and poverty.

SEPARATE BUT RELATED...

Two years ago, the city allocated funding to complete waterfront access and a pier on East 132nd Street for the Mott Haven-Port Morris community, but the city will now not release the funds! Tell them enough is enough - release the funds! More information HERE.

STATEMENT FROM BP DIAZ RE: Amazon HQ2

  “My office led the effort to bring Amazon to The Bronx. While Amazon will not make our borough their home, we are encouraged that they will come to New York City nonetheless and congratulate our neighbors in Queens.

“Given the level of subsidies the company is receiving, Amazon must do more as part of this agreement to define benefits for its future employees and the community-at-large. As I have always said, companies that receive heavy taxpayer subsidies must do better by their workforce. This was the driving idea behind our push for a ‘living wage’ law in New York City—if you want charity, you must be charitable. Those values are more important today than ever before.

“The company must accept a strong local hiring agreement, and should also respect the rights of their workers to organize and accept a labor peace agreement for their forthcoming Long Island City headquarters. While the proposed benefits for the residents of the Queensbridge Houses are commendable, we should work with Amazon to find additional pathways and opportunities for NYCHA residents from all over the city to work and train with the company. Amazon should also develop a formal agreement with the City of New York to provide direct commitments for employment to CUNY graduates.

“The dedicated infrastructure funding stream agreed to by the city, state and Amazon demonstrates how important it is to develop transportation solutions for our region. We should not only focus on improving existing service, but expanding new services as well.

“As this process continues I look forward to working with my colleagues, Amazon and other stakeholders to review the components of this agreement and develop programs and incentives that benefit residents of all five boroughs,” said Bronx Borough President Ruben Diaz Jr.

Council Member Ruben Diaz Sr - MY POSITION ON AMAZON

WHAT YOU SHOULD KNOW
By Councilman,  Rubén Díaz Sr.
District 18 Bronx County, New York

 

New York State Governor Andrew Cuomo and New York City Mayor Bill de Blasio together have achieved a monumental task of bringing Amazon to New York City. They both should be congratulated because they have shown that working together, the people of the City benefit.

Amazon will bring 25,000 much needed jobs and even though the State has given tax benefits this is nothing new. The same was done for the Yankees, where we gave the land and nearly built the entire stadium. The same was done for Madison Square Garden and practically every other big business that wants to move to New York.

That is why President Trump is also bringing business back to the Nation and unemployment is decreasing. Instead of criticizing the Governor and the Mayor, we should join together to support them.

If it were up to me, I would bring them to the Bronx.

This is Councilman Rev. Ruben Diaz and this is what you should know.  

Assembly Member Michael Blake - Statement on NYCHA Consent Decree

  I applaud Senior US District Judge William H. Pauley III’s rejection of the proposed NYCHA consent decree.  Judge Pauley’s ruling detailed the many atrocities that public housing residents have complained about for years; from a chronic lack of heat and hot water, to rodent infestation, lead poisoning, Legionnaires outbreaks and a system of pure negligence and intentional cover-ups.  This is a stark reminder of NYCHA’s inefficiency and acknowledges that criminal behavior has been rampant and tolerated within the agency’s ranks for many years. 

I urge everyone to read the ruling to review the testimonies of countless NYCHA residents that detail the pain and suffering that public housing residents have had to endure.  Living conditions in NYCHA buildings are far worse than anyone imagined.  Judge Pauley’s advisement validated what so many of our neighbors have tirelessly complained about. 

What is clear is that NYCHA will have to offer more substantive, concrete remedies.  The halls of justice have heard public housing residents loud and clear. 

I will continue to advocate for safe, clean living conditions for residents of public housing.  I will fight for the people until justice, care and attention is afforded to all New Yorkers.  Those responsible for the neglect and suffering in NYCHA must be held accountable for their abuse of power.

 

Assembly Member Michael A. Blake

MAYOR DE BLASIO ANNOUNCES NEW PROTECTED BIKE LANE ALONG DELANCEY STREET, EXPANDING BRIDGE ACCESS PRIOR TO L TRAIN TUNNEL SHUTDOWN

New bike lane along major Lower East Side corridor to the Williamsburg Bridge is expected to handle thousands of new daily cyclists in the spring

  Mayor Bill de Blasio today announced the official opening of a new two-way protected bike lane along Delancey Street on the Lower East Side, which provides a safer route for bicycle commuters traveling to and from the Williamsburg Bridge.   The bridge, already the busiest for cyclists among all East River crossings, is expected to play a central role during the shutdown of L train service between Brooklyn and Manhattan – when half of L train riders are expected to travel daily over the bridge by train, bus or bicycle.

“We are doing critical work now to help mitigate New Yorkers’ pain during the L train repairs,” said Mayor de Blasio.  “We look forward to welcoming thousands of daily cyclists to the new protected bike lane down Delancey Street, which will be a key link in our transportation network when the L train tunnel shuts down.” 

“Increasing access for cyclists will help make the Williamsburg Bridge a showpiece for how we can and will keep New Yorkers moving during next year’s challenging shutdown,” said DOT Commissioner Polly Trottenberg. “Delancey Street serves as the bridge’s front door, and the new bike lane there will play an outsized role as a vital connector for thousands of new bicycle commuters, joining more than 100,000 new daily train and bus commuters on the bridge when the L train tunnel closes.  We are confident that the 115-year old ‘Willy B’ is ready for her close-up.”

New Delancey Street Bike Lane – The new quarter-mile-long two-way bike lane closes a notable gap in DOT’s protected bike lane network in Lower Manhattan.  Bike travel volumes over the Williamsburg Bridge remain the highest of the four East River Bridges with an average of nearly 7,300 cyclists each day. Estimates are that daily volumes will double or even triple during the 15-month L train tunnel closure.

By connecting the Williamsburg Bridge bike path with the Allen Street/1st Avenue/Pike Street lanes and the Chrystie Street/2nd Avenue protected lanes, new riders expected during the L train tunnel closure are expected to make safer and more seamless connections to and from most of Manhattan.  As part of the project, DOT added a Jersey barrier to protect the lane along the south side of the median between Allen and Clinton Streets, as well as a first-of-its-kind “bike island” at the intersection of Allen and Delancey Streets.

Delancey Street remains a focus of Mayor de Blasio’s Vision Zero initiative to prevent traffic deaths and injuries around the five boroughs.  Between 2012 and 2016, Delancey Street saw 24 serious traffic injuries and two fatalities, both pedestrians.   A major element in the Vision Zero toolbox, protected bike lanes have proven to reduce crashes and increase street safety for all street users -- pedestrians, cyclists and motorists.

About the Williamsburg Bridge

Opened in 1903, the Williamsburg Bridge was the second major East River bridge crossing to open, after the Brooklyn Bridge in 1883.  It was originally built to accommodate trains on its central tracks, with trolleys and other vehicles on its outer roadways.   Neglected for much of the 20th century, the bridge was deemed unsafe in 1988, when it was forced to close for two weeks for emergency repairs.  Over the last thirty years, over $1.2 billion of Federal, State and City investment led to comprehensive repair or replacement of every element of the bridge, bringing the bridge from being rated in “poor” condition to currently being rated in a “state of good repair.”  Operated and maintained by the New York City Department of Transportation, the bridge accommodates about 100,000 vehicles every day, along with hundreds of MTA trains.

With the closure of the L train tunnel, about half of the 225,000 displaced L riders are expected to commute over the Williamsburg Bridge on a daily basis: according to MTA estimates, 32 percent of L riders are expected to travel on the J, M and Z lines, which will increase frequency over the bridge; another 17 percent are expected to ride on L-Alternative buses over the bridge (which will have HOV3 restrictions during the tunnel closure) that will connect subway transit hubs in Brooklyn and Manhattan; another 2-3 percent are expected to bicycle or walk over the bridge.

Senator-Elect Biaggi Statement on Proposed Amazon Deal

  "We need to be clear on what’s good and what’s not in the proposed Amazon deal. 25,000 well-paying high tech jobs can and should be a good thing, helping to build New York’s leading role in the future economy. But Amazon is coming here because we have a core of skilled workers. Government’s job should not be trying to bribe individual companies with subsidies, but making the investments only government can make to ensure New York is the place where companies and skilled workers want and need to be. That means ensuring we have the best education for all our children, both so our residents are the skilled workers companies need and so skilled workers are confident their children can follow in their footsteps. It means creating more affordable housing so workers at all levels can actually live here. And it means investing in a working and extensive mass transit system, without which the metropolitan area simply can’t operate. Those investments will pay off in lots of companies coming to and growing in New York."

Wave Hill events November 29 - December 6

Sat, December 1

Family Art Project: The Wonder of the Wardian Case

Join visiting artist Jan Mun to create a Wardian case, a simple terrarium historically used to transport living plants from the far corners of the globe to enhance the collections of botanical societies, and bring medicinal and agricultural plants to communities around the world. Learn the history of these beautiful structures while you use repurposed materials to make your own, transporting a little bit of nature to your home. Free, and admission to the grounds is free until noon.

Wave Hill House, 10AM–1PM

Sat, December 1

Members Sale in The Shop at Wave Hill

Enjoy a peaceful shopping experience, with personalized service and a thoughtfully curated selection of beautiful, botanically inspired gifts. Wave Hill Members enjoy a discount of 20% on all their purchases in The Shop through December 23.

Perkins Visitor Center, 10AM–4PM

Sat, December 1

Curatorial Talk: I Refer You to Nature

Wave Hill is proud to be a member of the seven museums in the Fairfield Westchester Museum Alliance, which allows Wave Hill Members to enjoy free admission at all seven. This winter, Wave Hill collaborates with the Hudson River Museum on two talks. Laura Vookles, the Hudson River Museum’s curatorial chair, introduces works from its collection that engage flowers and plants, touching on each artist’s motives for an either realistic or imaginative approach and comparing these works with some of the botanical art in the 21st Annual International exhibition at Wave Hill, closing December 2.

Glyndor Gallery, 2PM

Sun, December 2

Family Art Project: The Wonder of the Wardian Case

Join visiting artist Jan Mun to create a Wardian case, a simple terrarium historically used to transport living plants from the far corners of the globe to enhance the collections of botanical societies, and bring medicinal and agricultural plants to communities around the world. Learn the history of these beautiful structures while you use repurposed materials to make your own, transporting a little bit of nature to your home. Free with admission to the grounds.

Wave Hill House, 10AM–1PM

Sun, December 2

Members Sale in The Shop at Wave Hill

Enjoy a peaceful shopping experience, with personalized service and a thoughtfully curated selection of beautiful, botanically inspired gifts. Members enjoy 20% off all their seasonal shopping! Wave Hill Members enjoy a discount of 20% on all their purchases in The Shop through December 23.

Perkins Visitor Center, 10AM–4PM

Sun, December 2

Pre-Concert Tea

Enjoy Afternoon Tea in the Mark Twain Room prior to today’s concert in Armor Hall. The Café at Wave Hill pairs a classic menu with an assortment of green, black and herbal teas. This traditional tea service includes the four classic elements of savory, scones, sweets and tea. The menu, presented by Great Performances, includes an array of tea sandwiches, scones and bite-sized desserts. Afternoon Tea also includes a glass of sparkling wine. Afternoon Tea Service is $36. Wave Hill Members receive a 10% discount. Advance registration is required online at wavehillreserrations@greatperformances.com or by calling 718.549.3200 x395. We will take reservations until 5PM on the Thursday prior to the concert.

Wave Hill House, NOON

Sun, December 2

Concert: Dandy Wellington and his Band

Inspired by the Big Band Era of Jazz, Dandy Wellington and his Band have taken the sounds of the 1930’s and 40’s and created a world of well-dressed music. With a passion for obscure songs steeped in the Jazz tradition, Dandy Wellington has assembled a catalog of music that invokes an atmosphere of class. From the golden age of cinema, to the bounce of New Orleans, each song is hand selected and played to perfection by a band cut from the cloth of elegance. Ticket Prices: Adults: $28 (includes admission to the grounds) / Wave Hill Members 10% discount / $12 children ages 8-18, unless otherwise noted. Order tickets online at wavehill.org or onsite at the Perkins Visitor Center. For additional information, please call 718.549.3200 x251.

Wave Hill House, 2PM

Sun, December 2

Garden and Conservatory Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights. Free with admission to the grounds.

Meet at Perkins Visitor Center, 2PM

Mon, December 3

Closed to the public.

Tue, December 4

Members Sale in The Shop at Wave Hill

Enjoy a peaceful shopping experience, with personalized service and a thoughtfully curated selection of beautiful, botanically inspired gifts. Members enjoy 20% off all their seasonal shopping! Wave Hill Members enjoy a discount of 20% on all their purchases in The Shop through December 23.

Perkins Visitor Center, 10AM–4PM

Wed, December 5

Members Sale in The Shop at Wave Hill

Enjoy a peaceful shopping experience, with personalized service and a thoughtfully curated selection of beautiful, botanically inspired gifts. Members enjoy 20% off all their seasonal shopping! Wave Hill Members enjoy a discount of 20% on all their purchases in The Shop through December 23.

Perkins Visitor Center, 10AM–4PM

Thu, December 6

Members Sale in The Shop at Wave Hill

Enjoy a peaceful shopping experience, with personalized service and a thoughtfully curated selection of beautiful, botanically inspired gifts. Members enjoy 20% off all their seasonal shopping! Wave Hill Members enjoy a discount of 20% on all their purchases in The Shop through December 23.

Perkins Visitor Center, 10AM–4PM

A 28-acre public garden and cultural center overlooking the Hudson River  and Palisades, Wave Hill’s mission is to celebrate the artistry and legacy of its gardens and landscape, to preserve its magnificent views, and to explore human connections to the natural world through programs in horticulture, education and the arts.

HOURS – Open all year, Tuesday through Sunday and many major holidays: 9AM–4:30PM,  November 1–March 14. Closes 5:30PM, starting March 15.

ADMISSION – $8 adults, $4 students and seniors 65+, $2 children 6–18. Free Saturday and Tuesday mornings until noon. Free to Wave Hill Members and children under 6.

PROGRAM FEES – Programs are free with admission to the grounds unless otherwise noted.

Visitors to Wave Hill can take advantage of Metro-North’s one-day getaway offer. Purchase a discount round-trip rail far and discount admission to the gardens. More at http://mta.info/mnr/html/getaways/outbound_wavehill.htm

  

DIRECTIONS – Getting here is easy! Located only 30 minutes from midtown Manhattan, Wave Hill’s free shuttle van transports you to and from our front gate and Metro-North’s Riverdale station, as well as the W. 242nd Street stop on the #1 subway line. Limited onsite parking is available for $8 per vehicle. Free offsite parking is available nearby with continuous, complimentary shuttle service to and from the offsite lot and our front gate. Complete directions and shuttle bus schedule at www.wavehill.org/visit/.

Information at 718.549.3200. On the web at www.wavehill.org.