Economic restructuring in New York State

Abstract

When economic activity slows down, labor markets may undergo extensive structural change-the permanent reallocation of workers across industries. Job losses can be heavy, and creating new jobs and retraining displaced workers to fill them can take time. A high degree of restructuring may help to explain why New York State's most recent downturn persisted for well over two years. Subseries: Second District Highlights.Employment - New York (State) ; Labor market - New York (State) ; Industries - New York (State) ; Federal Reserve District, 2nd