Manhattan Average Weekly Salaries Up Nearly 12 Percent in First Quarter of 2010, Stats Show
By Ben Fractenberg
MANHATTAN — Manhattan had the largest increase in average weekly wages in the first quarter of 2010, gaining nearly 12 percent the Bureau of Labor Statistics reported in October.
Manhattanites weekly wage increased $255 to $2,404 — the largest increase in the country. The average national wage is $889.
The financial services sector fared the best with a 22.7 percent increase, with workers earning $7,709 weekly. The increase was based on larger bonuses in 2009, the New York Times reported Tuesday.
"The financial-services industry is coming back in New York and we’re seeing the effect that bonuses have on the economy," regional commissioner of labor statistics Michael Dolfman told Bloomberg. "We can attribute this obviously to the TARP program, which helped the financial industry around the country and in Manhattan," he said, referring to the U.S. aid plan for banks.
While Wall Street fared well, not all sectors did.
Workers in leisure and hospitality saw an almost two percent decrease in wages, with an average weekly salary of $707.
Education and health services saw just over a meager one percent gain.
Dolfman told Bloomberg the results were mixed "with good news that financial services, which drives the New York City economy, coming back with the promise of influencing a wide variety of businesses."