Marching to its Own Drummer

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Abstract
In this article, the author compares labor market trends in New York City with trends in the United States as a whole and uses a newly created index to relate these trends to differential changes in industrial structure. Although the national trend for real wage growth has been stagnant or negative for the last 15 years, New York City residents have enjoyed substantial real wage increases in the same period. Also, there is little evidence at the local level of the rising inequality of wage income distribution that has characterized the national labor market. New York City's unique industrial mix appears to be responsible for rising real income trends in the local economy.

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