November 12, 2009
During the period from 1992 to 2007, a typical quarter in Manhattan yielded more than 100,000 gross job gains, with 4 out of 5 originating at expanding establishments.
At the same time, the Manhattan workforce generally experienced a comparable magnitude of job loss, with about the same proportion (4 in 5) of destroyed jobs involving contracting businesses (as opposed to closing businesses). The difference between the two measures—the net employment change—varied each quarter, usually amounting to less than 50,000.
Gross job gains each quarter ranged from 100,000 to 158,400 (seasonally adjusted) over the 1992–2007 period, while there were between 93,400 and 179,300 gross job losses each quarter. The largest net employment decline that occurred in any quarter in Manhattan was –58,000, during the fourth quarter of 2001, and the largest net gain, 28,800, occurred during the third quarter of 2000.
These data are from the Business Employment Dynamics program. The data measure the level of job change activity (positive and negative) behind the net change in employment. To learn more, see "Manhattan's financial sector and the 2005–07 employment dynamic" (PDF), in the Monthly Labor Review, October 2009.