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The 1987 Crash and the Spatial Incidence of Employment Changes in the New York Metropolitan Region

Canadian Imperial Bank of Commerce, Toronto, Ontario, Canada

Valerie Preston

Institute for Social Research and Department of Geography, York University, 4700 Keele Street, North York, Ontario M3J 1P3, Canada

Barney Warf

Department of Geography, Kent State University, Kent, OH, USA

Following the stock market crash on 19 October 1987, the securities industry contracted nation-wide. In New York City, over 10 800 jobs were lost within eight months of the crash. Bonuses, a major component of salaries in the industry, also declined. The short-run induced effects on regional output, employment and personal and business income were computed using an Input-Output model of metropolitan New York. Employment effects were decomposed by occupation, industry and county of residence. Output and total employment fell by $1.8bn and 28860 jobs, respectively. The incidence of increased unemployment was borne by clerical workers in the securities industry (primarily through the direct effects) and by service and unskilled sales staff in wholesale and retail trade (through the indirect and induced effects.) Manhattan and the adjacent inner ring counties were most affected.

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