NYC Income-Tax Receipts Reach 3rd-Quarter Record, Stringer Saysby
New York City’s personal income-tax collections reached a third-quarter record, rising 8.7 percent from a year earlier to more than $2.2 billion, as the job market continued to improve, Comptroller Scott Stringer said.
Average hourly earnings of the city’s private-sector employees increased 3.8 percent in the three months on a year-over-year basis after rising 2.9 percent in the second quarter, the comptroller said.
“The rise in hourly earnings is good news for workers at every level of the wage spectrum who may finally begin to see the positive economic news reflected in their bank accounts,” Stringer said in a statement.
Gross city product grew at annual rate of 2.4 percent compared with 3.9 percent the previous quarter Stringer said. That mirrors the slowdown in the pace of the U.S. economy during the period.