floridafan
Verified User
Ahhhh, that is sweet. By what metrics do you base that claim?
Source: BEA and NYC Comptroller
The City’s economy continued to grow in the second quarter of 2017. Real gross city product (GCP) grew at an estimated seasonally adjusted annual rate of 3.3 percent in 2Q17, higher than the 2.6 percent reported for1Q17, and more than the US GDP growth rate (advance estimate) of 2.6 percent. The city’s economy outpaced the nation for the second consecutive quarter.
So far the city’s economy seems to be unaffected by the recent rise in interest rates and the lack of clear policy guidance from Washington. Private-sector jobs rose 2.5 percent in 2Q17, on a quarter-over-quarter basis, and the unemployment rate remained at a record low of 4.3 percent. The labor force participation rate rose to a record high of 61.5 percent. The employment-to-population ratio rose to a record high of 58.9 percent and average hourly earnings of private sector employees in NYC rose 4.8 percent, the biggest second quarter increase since 2008.