Institutional Federal Compliance Report 2021

______________________________________________________________________________________________ STATE OF NEW YORK • 31

Along with the additional number of jobs, the labor force in New York expanded modestly in 2018, by over 13,000 persons. As a result, the labor force participation rate of New York’s civilian population rose to 61.0 percent, up from 60.8 percent in 2017. While this was a positive sign, the rate remained several points below the levels of a decade earlier. Total wages increased at nearly the same rate at the national and state levels in 2018, 5.0 and 4.9 percent, respectively. However, the gains in the average annual wage nationally (3.4 percent) were stronger than those in New York (3.1 percent). The government sector in New York had the highest percentage growth in average annual wages, while the finance and insurance sector realized a decline. The securities industry in New York City is an important contributor to the State’s revenues and has a significant impact on the downstate economy in particular, with typically high-paid jobs and large bonuses. Industrywide, profits increased by 11 percent in 2018; however, the average bonus in the securities industry in New York City declined by almost 17 percent. Industry employment in the City increased by 4,700 jobs in 2018. New York State’s population rose by an estimated 164,000 from 2010 to 2018, according to U.S. Census Bureau figures. This 0.8 percent increase was well below the national average of 6.0 percent. CONTACTING THE STATE’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general overview of the State’s finances and to show the State’s accountability for the money it receives. If you have any questions about this report or need additional financial information, contact the State Comptroller’s Communications Office at 110 State Street, 15th Floor, Albany, New York 12236 or visit our website at www.osc.state.ny.us .