Dear New Yorkers,
As far as the numbers that many New Yorkers care about most in the fall: the Mets, Yankees, and Liberty all fell short this season. Wait till next year! (as old-timers still say in Brooklyn).
The economic numbers are more mixed. Nationally, job growth remains sluggish, consumer sentiment is down, and there’s a great deal of volatility in the economy, due to shifting tariffs and the federal government shutdown. We document some of the impacts New Yorkers face.
Locally, there are more positive data points. Modest growth in jobs and transit ridership continues. Tax receipts for FY25 were up 8.3% over the prior year, and 4.2% over projections. And the last fiscal year saw a significant increase in homeless families placed into permanent housing (mostly through a big expansion in CityFHEPS).
This month’s Spotlight reviews an interesting mix of numbers over the long term: we compare the demographics and economic realities faced by successive generations of New Yorkers – Baby Boomers, Gen X, Millennials, Gen Z – across their life-trajectories. Subsequent generations have gotten more diverse (relative to each other, and to the country), and seen their income and educational attainment rise. Unfortunately, their costs, especially housing, have risen even more.
Unfortunately, income inequality has increased in both the short and long term. In current data, we find that wage gains are primarily in sectors that already feature the highest incomes (tech, finance). And income disparities have gotten significantly wider with each generation, and to a far greater degree in New York City than nationwide.
How ‘bout those Rangers?! Through the ups and downs, across seasons, sports years, and even generations, we’ll keep counting the numbers.
