The city reached record high employment numbers but there’s signs the growth could hit roadblocks in the near future, a report released Thursday by the city comptroller found.
For the first time ever there were 4 million people employed in the city as 21,200 jobs were added in the first quarter of the year, according to Scott Stringer.
The comptroller, however, noted that hourly wages grew by only 0.1% during that time period due to the large number of low wage jobs created.
“When New Yorkers work full time and still can’t afford a decent living, it undermines our entire economy,” he said in a statement.
The comptroller’s quarterly economic update provided some other insights into the state of New York’s finances. The city’s GDP grew by 3.4% during the first three months of this year, which is nearly 3% higher than the national growth rate. The number of New Yorkers looking for jobs also increased by 32,000, the highest jump in 12 years, the report said.
Stringer noted that there are some signs of concern. Venture capital investment fell by 6.2% during the first quarter of 2016. Personal income tax revenues fell 0.3% between the first quarter of 2015 and the same period this year, according to the report.