Paychecks Fatten in Manhattan
(Wall Street Journal) — Driven largely by rising Wall Street salaries, Manhattan wages shot up 9% during the second quarter of last year compared to the same period in 2009, according to the U.S. Labor Department. It was the second-largest increase for any large county in the U.S. While the average weekly wage in Manhattan surged to $1,659, the other boroughs weren’t as lucky. Brooklyn, the Bronx, Queens and Staten Island each had wage gains of less than the 3% increase posted by the U.S. as a whole, the department’s Bureau of Labor Statistics reported Thursday.
In Manhattan, salary increases in the financial activities sector grew by 25.8% during the second quarter compared to the same period in 2009, according the BLS. The borough’s salary jumps weren’t limited to Wall Street. Many other job sectors saw increases in the single digits during that period. Wages in healthcare were up about 4% and professional services rose by 3%. Wages for the education sector were flat.