NYS Comptroller Tom DiNapoli: Economic Recovery Uneven Across New York State

New York State has taken the first steps down the road of economic recovery, but that recovery has been slow going and uneven across the regions of the State, according to a report issued today by New York State Comptroller Thomas P. DiNapoli.


“The recession didn’t hit New York as hard as other states,” DiNapoli said. “But there’s still a lot of pain. Our economic recovery is headed in the right direction, but the road out of recession is still winding and potentially perilous.”


“The recovery so far has been a mixed bag. Private sector employment is up while public sector employment is down. Home values in the major metropolitan upstate areas rose sharply in the fourth quarter of 2010, but have begun to decline again in the New York City metropolitan area. Rising oil and gas prices, disruptions due to the crisis in Japan, and
low consumer confidence could hold back economic activity. Our economy is improving, but the pace of the recovery is clearly slower than we’d like.”


New York’s Gross State Product grew at an annual rate of 2.2 percent during 2010, after two consecutive years of decline. Economic output in all metropolitan areas rebounded in the past year, with Ithaca leading the way with a 3.3 percent change, followed by the Mid-Hudson Valley at 3.1 percent, Buffalo at 2.9 percent and Rochester and the Utica-Rome regions at 2.4 percent. IHS Global Insight predicts that the Gross Metropolitan Products of most New York cities will slow during 2011.


Job losses during the recession were less severe in New York State (3.8 percent) than in the nation (6.1 percent). Despite this, New York State lost nearly 336,700 jobs. Overall, unemployment in New York State doubled during the recession, and by March 2011 had only eased to 8 percent from a recent peak of 8.9 percent in September 2009. DiNapoli
noted that private sector employment, led by tourism, health services and education, grew by 95,100 jobs during 2010 and by another 27,600 jobs in the first quarter of 2011. Public sector employment declined by 28,200 jobs (1.9 percent) between December 2009 and March 2011.


Personal income rose by 4.1 percent during 2010, the second-highest rate of growth among the states behind only New Mexico, which reflects modest job growth and higher Wall Street bonuses. Wall Street, which earned $27.6 billion in 2010, the second-best year on record, has regained 9,700 of the 28,200 jobs the securities industry lost during the
recession.


Home values in the downstate region have begun to decline again and foreclosures will continue to hold down prices. Home values in the New York City metropolitan area peaked in May 2006 and fell by more than 20 percent through April 2009. Between October 2009 and February 2011, home values in the New York metropolitan area fell by 4 percent.
However, median home values in the five major upstate metropolitan regions rebounded strongly in the fourth quarter of 2010 over their values in 2009 with Binghamton (15.6 percent) leading the way, followed by Buffalo (14.3 percent), Syracuse (7.9 percent), Albany (7.6 percent) and Rochester (5.2 percent).


While the share of mortgages that are at least 90 days delinquent eased to 3.6 percent in the fourth quarter of 2010, the share of mortgages in the foreclosure process has continued to rise, reaching 5.2 percent in that same time period.


For a copy of the report visit: http://www.osc.state.ny.us/reports/economic/nys_econ_rpt2-2012.pdf

Backyards Not Bonuses - New York Communities for Change

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New York Communities for Change

Not the Way Forward: Jumaane Williams from New York Communities for Change on Vimeo.

Despite the fact the only a fraction of homeowners who sought help received a permanent mortgage modification from JP Morgan Chase, the bank's CEO, Jamie Dimon, just received a $17 million dollar bonus.
Clearly, Chase is out of touch with the consequences the financial industry's reckless practices continue to have in our communities.


Yesterday, NYC Council Member Jumaane Williams kicked off a campaign by New York Communities for Change in rockstar fashion!


Cheered on by fellow Council Members and dozens of NYCC protesters, Williams stormed JP Morgan Chase’s Park Avenue branch. Protesting the bank's awful record on helping families who are facing foreclosure and haven't received assistance with their mortgages, Williams closed his Chase account.

Can you continue our fight against Chase and pitch in $17? That's just 1/1,000,000 of Jamie Dimon's bonus.

In the coming weeks, many other elected officials, clergy members and unions will follow suit, drawing attention to Chase’s terrible record on modifying mortgages of distressed homeowners in New York.

Council Members Williams, Melissa Mark-Viverito, Mathieu Eugene and James Sanders were the first on the scene, but this is only the beginning.

Just 6 percent of NY homeowners who sought help have received a permanent mortgage modification from JP Morgan Chase - the other 94 percent have been denied or are in limbo. 


That’s a shocking number when their CEO just received a $17 million bonus!
Please help us take this campaign to the next level by contributing $17 dollars.


It might seem like a small amount (just 1/1,000,000th of Jamie Dimon’s bonus!), but it will go a long way in helping us make sure that everyone who googles Chase will see the truth about their lending practices.

Click here to chip in.

Launch of New Consumer Financial Protection Bureau (CFPB) Website

A quick video introduction to the Consumer Financial Protection Bureau (CFPB) -featuring narration by Ron Howard
 .

The central mission of the CFPB is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.

In July 2010, Congress created a new federal agency to protect American consumers. The Consumer Financial Protection Bureau will be a cop on the beat, working to make consumer financial markets work better for American families. As the first new consumer agency of the 21^st century, we can communicate directly with the people we serve. Today, that work is just beginning. We’re moving quickly—building a terrific team, finding office space, and unpacking a lot of boxes.

Things aren’t all in place yet, but we don’t want to delay reaching out to the people who care about this agency. We’re excited to announce the launch of our website, ConsumerFinance.gov, for one very important reason – to start a conversation with you. With the launch of our site, we will be Open for Suggestions.

We hope you are eager to learn what this new agency will do and how it might affect you. In turn, we are definitely eager to hear what you have to say. Starting today, you can use the Internet to send us your best suggestions and questions for the bureau:

• If you have a video camera, record a YouTube video and upload it as a response to our welcome video athttp://www.youtube.com/CFPB.
• If you like Twitter, tweet your suggestion using the hashtag #CFPB. You can also follow us at http://www.twitter.com/CFPB.
• If you are on Facebook, you can “Like” us at http://www.facebook.com/CFPB, and post your suggestion on our wall.
• If you want to use our website, you can post suggestions at http://www.consumerfinance.gov/openforsuggestions.

In the coming days and weeks, staff who are building this new agency will record direct video responses to some of the most frequent questions and most interesting suggestions. You’ll see the faces and meet the people who come to work every day to make a difference for the American people. We look forward to getting to know a little more about you, too. More is coming, so be sure to check back athttp://www.consumerfinance.gov/openforsuggestions throughout the coming weeks.

Open for Suggestions is just one way that we plan to keep our conversation going with you. Be funny! Be creative! Most of all, be real about what matters to you. This is a great chance to go into your community with a camera, laptop, or mobile phone, or just a pen and paper, and help others participate. Involve your friends, your family, your colleagues and classmates, your faith community, and anyone you know who might be counting on this agency for information and help. If you aren’t ready with a specific comment, that’s OK. Just let us know you are there—and stay in touch.

We can’t do it without you.

Thanks,

Elizabeth Warren