[Well, you'll find little inclination to resist among the wizards of Wall Street. Their answer to anomie is easy: Take the money and run.]
Income Soars on Wall St., Widening Gap
By PATRICK McGEEHAN Published: November 23, 2006
In Manhattan’s boom-or-bust financial businesses, the good times are rolling with no end in sight.
The average weekly pay for finance jobs in Manhattan was about $8,300 in the first quarter of 2006, up more than $3,000 in just three years, new federal data show. And with another year’s bounty from Wall Street about to be paid in annual bonuses, that number is expected to jump again.
The 280,000 workers in the finance industry collect more than half of all the wages paid in Manhattan, although they hold fewer than one of every six jobs in the borough. The pay gap between them and the 1.5 million other workers in Manhattan continues to widen, causing some economists to worry about the city’s growing dependence on their extraordinary incomes.
Despite their recent success, the financial companies that have long formed the economic engine of New York City have not created many more jobs. More of the job growth in the city is occurring in lower-paying service jobs in restaurants, stores and home health care, but the pay for those jobs has been lagging, said Michael L. Dolfman, regional commissioner of the federal Bureau of Labor Statistics.
“We’re not seeing jobs being created to any great degree, but we are seeing significant increases in salaries,” said Mr. Dolfman, who published a study this week on how Manhattan’s economy has changed since Sept. 11, 2001. ...
<http://www.nytimes.com/2006/11/23/nyregion/23income.html>
Carl
_________________________________________________________________ Talk now to your Hotmail contacts with Windows Live Messenger. http://clk.atdmt.com/MSN/go/msnnkwme0020000001msn/direct/01/?href=http://get.live.com/messenger/overview