Ilya Marritz covers business for WNYC.
New Figures Show the Strength of Wall Street's Rebound
Tuesday, November 09, 2010
The Bureau of Labor Statistics reported Tuesday that between the spring of 2009 and the spring of 2010, the average weekly wage in Manhattan rose 12 percent. In comparison, across the nation the average weekly wage increased less than one percent. The figures include end-of-year bonuses, which big banks typically pay out in the first part of the calendar year.
The Bureau also said increased pay in the financial sector was largely responsible for the jump. Hudson County, New Jersey, where many big banks have offices, also experienced a substantial rise in wages.
However, in the four boroughs outside of Manhattan it was a different story. There, weekly wages declined slightly, year to year, with the biggest drop in the Bronx (almost 2 percent).
All people working in Manhattan are counted as Manhattan wage-earners, regardless of their home address.