As Long As We’re Making An Average Of $2,500 A Week!

The good news is that the average weekly pay for people in Manhattan is $2,500 a week. The bad news is that this is largely due to the fact that the average pay in the financial sector is $8,300 a week:

The average weekly pay for finance jobs in Manhattan was about $8,300 in the first quarter of 2006, up more than $3,000 per week in just three years, new federal data show. And with another year’s bounty from Wall Street about to be paid out 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.

. . .

For all of the 1.8 million jobs in Manhattan, the average weekly salary in the first quarter of this year was slightly more than $2,500, a rise of about 35 percent from the first quarter of 2003, the federal data show. But the raises are not spread evenly across Manhattan’s job market, economists said.

The average is skewed by the large number of high-paying jobs at investment banks, brokerage firms and hedge funds, they said.

. . .

Mr. Dolfman, whose report is included in the bureau’s Monthly Labor Review, said one negative consequence of the unequal distribution of income gains is that “the middle class is being squeezed out of the city because of the tremendous purchasing power of the people in the global sectors of the economy.”