New York State is lagging the nation in terms of job growth, although some parts of the state are doing better than others. That according to William Dudley, who is the President of the Federal Reserve Bank of New York.
In a conference call with reporters, he said that the New York City area, Buffalo and Albany have been among the metro areas in the state that have seen the strongest growth lately.
Dudley says that one area of concern has been a lack of growth nationally in middle-wage jobs, with people at higher income and lower income levels seeing the best job prospects.
“This long-term hollowing out of jobs in the middle of the wage distribution has helped fuel rising wage inequality, and has contributed to a growing sense for some that they are being left behind in the current economic expansion.”
But on a national basis, Dudley says economists are starting to note that for the first time in quite a while, gains in middle-wage jobs outpace other sectors of the economy.
“These middle-wage jobs include teachers, construction workers, mechanics, administrative support personnel and truck drivers, just to name a few. I believe this is an important development in the economy, because, if it were to continue, it would create more opportunities for workers and their families who have been struggling up to now.”
The U.S. labor market has added nearly two-and-a half-million jobs over the last year, and Dudley says the strong jobs reports released over the past two months have helped allay concerns that arose earlier this year that job growth was beginning to stall. He says these reports reinforce his view that labor market conditions continue to improve.
