Lower Manhattan economy taking off but many new jobs are low wage

[DA60]

'(Reuters) - Lower Manhattan’s economy is set to take-off. New shopping centers, hotels and food courts are opening in the area that looked more like a war zone after the attacks on September 11, 2001.

The massive developments are bringing back jobs lost as a result of the attacks on the World Trade Center, which killed 2,753 people. But many of the openings, for everything from fast food servers to shop assistants and housekeeping staff, are going to be paying little more than the city's $8 an hour minimum wage, with few benefits.'

...

'The hiring is helping cut the New York state joblessness rate, which fell to 6.6 percent in June from 6.7 percent in May, its lowest since November 2008, the state's department of labor said on Thursday, though that is still above the national rate of 6.1 percent.

But the jobs recovery includes a lot of low-paid and part-time jobs.

And U.S. Federal Reserve Chairman Janet Yellen has expressed concern about low growth in wages and its impact on consumer spending. Real wages, she says, have been lagging productivity growth, which has redistributed income to capital and away from labor.'

Lower Manhattan economy taking off but many new jobs are low wage | Reuters



This is typical of the Mercedes/McDonald's recovery...the rich get richer and part time jobs replace full time ones.

http://beforeitsnews.com/economy/20...me-jobs-in-june-most-in-20-years-2638268.html

 

[sangha]

'(Reuters) - Lower Manhattan’s economy is set to take-off. New shopping centers, hotels and food courts are opening in the area that looked more like a war zone after the attacks on September 11, 2001.

The massive developments are bringing back jobs lost as a result of the attacks on the World Trade Center, which killed 2,753 people. But many of the openings, for everything from fast food servers to shop assistants and housekeeping staff, are going to be paying little more than the city's $8 an hour minimum wage, with few benefits.'

Lower Manhattan economy taking off but many new jobs are low wage | Reuters



This is typical of the Mercedes/McDonald's recovery...the rich get richer and part time jobs replace full time ones.

US Lost 523,000 Full-time Jobs In June Most In 20 Years | Economy

The Finacial District in Lower Manhattan has seen a boom in residential housing. It used to be that no one lived there. Now, there's thousands and thousands of apts there and they're short on supermarkets, etc.

 

[Glen Contrarian]

'(Reuters) - Lower Manhattan’s economy is set to take-off. New shopping centers, hotels and food courts are opening in the area that looked more like a war zone after the attacks on September 11, 2001.

The massive developments are bringing back jobs lost as a result of the attacks on the World Trade Center, which killed 2,753 people. But many of the openings, for everything from fast food servers to shop assistants and housekeeping staff, are going to be paying little more than the city's $8 an hour minimum wage, with few benefits.'

...

'The hiring is helping cut the New York state joblessness rate, which fell to 6.6 percent in June from 6.7 percent in May, its lowest since November 2008, the state's department of labor said on Thursday, though that is still above the national rate of 6.1 percent.

But the jobs recovery includes a lot of low-paid and part-time jobs.

And U.S. Federal Reserve Chairman Janet Yellen has expressed concern about low growth in wages and its impact on consumer spending. Real wages, she says, have been lagging productivity growth, which has redistributed income to capital and away from labor.'

Lower Manhattan economy taking off but many new jobs are low wage | Reuters



This is typical of the Mercedes/McDonald's recovery...the rich get richer and part time jobs replace full time ones.

US Lost 523,000 Full-time Jobs In June Most In 20 Years | Economy

Actually, you're wrong about the "part-time jobs" claim:

The first thing you would expect to see from a Part-Time America is that the number of part-time jobs added would rival the number of full-time jobs added. But in the last year, new full-time jobs outnumbered part-time jobs by 1.8 million to 8,000. For every new part-time job, we're creating 225 full-time positions.

If you'd said, "high-paying jobs versus minimum-wage jobs" you'd probably have been more accurate.

 

[tres borrachos]

'(Reuters) - Lower Manhattan’s economy is set to take-off. New shopping centers, hotels and food courts are opening in the area that looked more like a war zone after the attacks on September 11, 2001.

The massive developments are bringing back jobs lost as a result of the attacks on the World Trade Center, which killed 2,753 people. But many of the openings, for everything from fast food servers to shop assistants and housekeeping staff, are going to be paying little more than the city's $8 an hour minimum wage, with few benefits.'

...

'The hiring is helping cut the New York state joblessness rate, which fell to 6.6 percent in June from 6.7 percent in May, its lowest since November 2008, the state's department of labor said on Thursday, though that is still above the national rate of 6.1 percent.

But the jobs recovery includes a lot of low-paid and part-time jobs.

And U.S. Federal Reserve Chairman Janet Yellen has expressed concern about low growth in wages and its impact on consumer spending. Real wages, she says, have been lagging productivity growth, which has redistributed income to capital and away from labor.'

Lower Manhattan economy taking off but many new jobs are low wage | Reuters



This is typical of the Mercedes/McDonald's recovery...the rich get richer and part time jobs replace full time ones.

US Lost 523,000 Full-time Jobs In June Most In 20 Years | Economy

Interesting.