Recession, what recession?
This graph is part of a new report from the State Comptroller of New York, which also noted (emphasis ours):
“In 2010, the average salary in the securities industry in New York City grew by 16.1% to $361,330, which was 5.5 times higher than the average salary in the rest of the private sector ($66,120).”
This is a gigantic increase from the ratio in 1981, when the average salary in the securities industry was only 2x as high as in all other private sector jobs.
But with protests against Wall Street going on for four weeks now and attracting worldwide media attention, the publicity surrounding the report seems calibrated to not add any fuel to the fire. For instance,compare the “Highlights” on the front page of this year’s report with that of last year’s and you’ll notice that this year the emphasis is more on the benefits that Wall Street brings to the entire City and State economy as opposed to any out-sized benefits that it might bring to itself.
With 14% of New York State tax revenue or $8.6 billion expected from the sector this year, it’s little wonder that the Comptroller wants to keep the volume down.