Signs of a cooling economy in New York City emerged despite 3.4% growth in the first quarter of 2016, according to city Comptroller Scott Stringer.
Average hourly earnings in the private sector were flat and venture capital fell for the first time since 2012, Stringer said in his May 12
"The city's job market was a bright spot in the first few months of 2016 as more New Yorkers joined the workforce, but there are signs of a slowdown on the horizon," said Stringer.
"More city residents than ever before are now employed, but too many of the jobs we're gaining are in low-wage industries," he said. "When New Yorkers work full time and still can't afford a decent living, it undermines our entire economy."
Strong gains in private-sector payroll jobs triggered the city's first-quarter growth, according to Stringer.
Released every quarter, the comptroller's update examines a broad range of indicators that reflect the city's conditions in a national context.
