Decade in Review: New York State's Labor Markets, 2000-2010

摘要

During the first decade of the new millennium, the U.S. economy experienced dramatic swings, alternating between expansion and contraction. The decade started off with great promise. Unfortunately, the economy was in the final stages of the Internet-fueled tech bubble that began in the 1990s. A severe national recession soon followed, devastating both labor and financial markets. After a five-year recovery/expansion, a second, more severe recession--dubbed the Great Recession--again shattered markets and had the distinction of being the longest U.S. economic downturn since the 1930s. With these two economic events serving as bookends, it is easy to understand why some analysts refer to 2000-2010 as a lost decade for American workers. The ups and downs of the New York State economy over the past decade are perhaps most succinctly summarized by examining fluctuations in the state's seasonally adjusted private sector job count.