From the Gotham Gazette:
The country has gained over 500,000 jobs so far this year, but while the Great Recession might be over in a technical sense for the nation and New York City, the recovery path will be rocky and long. It's true that New York City lost proportionately fewer payroll jobs in this recession than in the downturns of the early 1990s and the early 2000s. Yet, by other measures, such as the falloff in total wages or the rise in joblessness among city residents, this recession is every bit as bad as -- or worse than -- the two that preceded it. Also, given the far-reaching changes we've seen in our economy and the finance sector, it is less likely that there will be a quick and steady rebound. This column examines why we are not out of the woods of economic adversity.
Consider the figures below that show major indicators for New York City during this and the two prior recessions, both of which were widely recognized as very severe slumps that took a heavy toll on average New Yorkers.