Chart 1: New York's Economy Has Grown More Dependent on Financial Wages

Year Quarter NY State United States Recession
(0=No, 1=Yes)
1990 1 14.39% 7.39% 0
1990 2 14.68% 7.41% 0
1990 3 15.15% 7.49% 0
1990 4 14.58% 7.36% 1
1991 1 14.12% 7.23% 1
1991 2 15.05% 7.46% 0
1991 3 15.15% 7.47% 0
1991 4 15.40% 7.46% 0
1992 1 16.47% 7.66% 0
1992 2 16.12% 7.60% 0
1992 3 16.31% 7.70% 0
1992 4 18.23% 8.03% 0
1993 1 15.21% 7.47% 0
1993 2 16.21% 7.73% 0
1993 3 16.62% 7.82% 0
1993 4 19.20% 8.31% 0
1994 1 15.39% 7.63% 0
1994 2 16.45% 7.72% 0
1994 3 16.07% 7.56% 0
1994 4 16.29% 7.55% 0
1995 1 16.37% 7.46% 0
1995 2 16.50% 7.54% 0
1995 3 17.25% 7.72% 0
1995 4 17.50% 7.79% 0
1996 1 17.25% 7.76% 0
1996 2 17.86% 7.93% 0
1996 3 17.87% 7.89% 0
1996 4 18.62% 8.05% 0
1997 1 19.09% 8.03% 0
1997 2 17.91% 7.93% 0
1997 3 18.95% 8.19% 0
1997 4 19.96% 8.37% 0
1998 1 18.93% 8.38% 0
1998 2 19.44% 8.48% 0
1998 3 19.25% 8.50% 0
1998 4 18.11% 8.33% 0
1999 1 20.47% 8.76% 0
1999 2 18.96% 8.46% 0
1999 3 19.81% 8.51% 0
1999 4 18.24% 8.29% 0
2000 1 19.87% 8.62% 0
2000 2 19.94% 8.50% 0
2000 3 19.67% 8.53% 0
2000 4 21.46% 8.86% 0
2001 1 22.80% 9.18% 0
2001 2 20.41% 8.81% 1
2001 3 20.63% 8.97% 1
2001 4 20.43% 9.05% 1
2002 1 19.29% 8.93% 0
2002 2 19.53% 8.91% 0
2002 3 18.66% 8.82% 0
2002 4 18.01% 8.89% 0
2003 1 17.04% 8.76% 0
2003 2 18.63% 9.12% 0
2003 3 18.57% 9.31% 0
2003 4 19.12% 9.17% 0
2004 1 19.44% 9.33% 0
2004 2 19.30% 9.28% 0
2004 3 19.99% 9.27% 0
2004 4 20.43% 9.45% 0
2005 1 19.59% 9.30% 0
2005 2 19.71% 9.32% 0
2005 3 20.67% 9.48% 0
2005 4 21.61% 9.70% 0
2006 1 22.52% 9.68% 0
2006 2 21.37% 9.57% 0
2006 3 22.09% 9.67% 0
2006 4 23.16% 9.84% 0
2007 1 25.39% 10.15% 0
2007 2 22.44% 9.66% 0
2007 3 24.00% 9.74% 0
2007 4 23.92% 9.66% 0
2008 1 24.21% 9.71% 1
2008 2 22.98% 9.47% 1
2008 3 22.76% 9.36% 1
2008 4 23.18% 9.43% 1
Source: Bureau of Economic Analysis (Haver Analytics).
Note: Financial wages are those earned in the banking, insurance, real estate, and securities industries.
Data are through fourth quarter 2008 (most recent available) and are seasonally adjusted at annual rates.