The recession put a 3.1 percent dent in the personal incomes of New York state residents, who endured their first full-year decline in more than 70 years, according to a report released on Tuesday.
Paychecks or net earnings tumbled 5.4 percent, while dividends, interest and rent slid 8.4 percent, to a grand total of nearly $908 billion, the state comptroller's report said.
Not only did New Yorkers' personal incomes fall "almost twice" as much as they did in the nation as a whole, but they have yet to recover to pre-recession levels, Comptroller Thomas DiNapoli said.
The drop occurred even though the job-destroying recession was milder in New York than in the rest of the country. One reason for the hit to New Yorker's pocketbooks is Wall Street's dominance among the state's employers; pay and job security are often highly volatile in the securities industry.
After the securities industry lost a record $54 billion in the financial crisis of 2007 and 2008, federal bailouts and low interest rates helped it achieve record profits in 2009 of $61.4 billion, DiNapoli said.
This year, the companies' first-quarter profits of $10.1 billion were more than twice the $3.9 billion total in the second quarter -- but the more recent earnings were "in line with historic levels," DiNapoli said.
Though Wall Street went on a bit of a hiring spree in early 2010, these employers, whose earnings drive the city and state economies, have gone back to handing out pink slips, he said.