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October 2009

Manhattan’s financial sector and the 2005-07 employment dynamic

Solidelle F. Wasser, Bruce J. Bergman, Michael L. Dolfman

Despite a reduced level of job activity, as reflected by gross gains and losses, Manhattan enjoyed above-average growth just prior to the recession beginning in December 2007; the financial sector, characterized by a deceleration in job creation along with strong wage escalation, provides a unique vantage point for examining the dynamics of employment growth at the local level

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