“New York’s economy is booming. Mayor Bloomberg brought tech to New York for the first time & in record time he created a high-end tech university on Roosevelt Island. Our economy is humming in fashion, finance, tech.” — Liz Peek, The Hill
Photo: Oscar de la Renta's shop in Manhattan - possibly the most expensive boutique in the country.
Elizabeth Peek, Fox News and The Hill, anent the fact that we now have 201,000 new jobs; and finally, after a decade of desuetude, wage growth is accelerating. The NFIB reports an all-time record in small-business optimism – investments in plants, hiring new people. Consumers are feeling terrific, too. People are trading up to better jobs and report of a record high in number of quits (people quit when they see a better prospect, esp higher wages). Fewer regulatins and lower taxes — everything is contributing to gains. A tremendous uptick in consumer confidence. Seventeen years after 9/11, New York looks awfully strong. Credit goes in large part to Mayor Bloomberg: he brought tech to New York for the first time, and, after a few years, New York became third nationally in IPOs; and in record time he created a high-end tech university on Roosevelt Island. Our economy is humming in fashion, finance, tech. What can go wrong and why? A shortage of qualified workers, incl truck drivers. Veteran, trained employees are hard to find. Truck drivers’s wages are up over 10%. Older people will work longer; many people are coming off the sidelines in to the job market. To boot, there are always people with specialized abilities who are queuing up to enter the US.