In the New York metropolitan region, job losses have been more severe and economic recovery slower than in most other metropolitan areas. But a more interesting, and less pessimistic, story is revealed by regional income: an analysis of aggregate earnings shows that incomes in the region are...

The authors analyze employment growth in the metropolitan region and its relationship to employment in the United States as a whole. They identify a strong cyclical link between the region and the nation, punctuated by occasional, persistent shifts in the region's underlying growth rate. Some...