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Article: Industrial restructuring in the New York Metropolitan Area.(paper at 'The Metropolitan Economy in the National and World Arenas' conference, Federal Reserve Bank of New York)
- Article from:
- Federal Reserve Bank of New York Economic Policy Review
- Article date:
- February 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 Federal Reserve Bank of New York. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Industrial restructuring is the ongoing process of reallocating workers among jobs in the economy as industries expand and contract. The New York metropolitan area economy underwent a significant amount of restructuring during the first half of the 1990s as a variety of factors--including new products, increased competition from other areas, and deregulation and fiscal problems--caused area firms and entire segments of industries to make permanent adjustments to employment levels. Downsizings, the sharp reductions in staffing by firms, were a prominent feature of the process. The area's steep 1989-92 downturn prompted many of these downsizings, but their persistence well ...