NYC Comptroller's Report Spotlights Massive Gender and Racial Wage Gaps

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A new report shows massive gender- and race- based pay disparities across several industries in New York.
 
The report is a first-of-its-kind analysis that spotlights how massive pay disparities between men and women permeate throughout the city’s workforce and deny women equal economic power and security. The new analysis shows how both gender and race drive yawning wage gaps and reveals for the first time how these gaps persist even for people engaged in the same line of work in New York City. 
 
The report was released by New York City Comptroller Scott M. Stringer. 
 
Comptroller Stringer’s report found that while women comprise nearly half of New York City’s total workforce and contribute almost $100 billion annually in earnings to the economy, they are paid as little as half of the average earnings of White men among the highest-paying occupations – with women of color making as low as 39 cents on every dollar paid to a White man. Moreover, while the gender wage gap narrows in some professions where women have historically been overrepresented, racial wage gaps among women exceed the average gender pay gap twofold, underscoring the need for a racial lens to be applied to all efforts to achieve gender equity.
 
“Women power New York City, but pay equity remains a far too distant promise and pay discrimination continues to be all too real. In every way, women contribute to the health and vitality of this city, but they face persistent barriers in every line of work. It’s wrong, and it has to change. If New York City is going to lead in this century and the next, all women must be paid what they are worth. It’s that simple,” Stringer said. “The wage gaps this report reveals, particularly for women of color, are downright despicable, and they should serve as a clarion call for action. In the Comptroller’s office, we’ve led a nationwide campaign to shake up corporate America and increase gender and racial diversity in corporate boardrooms. We’ve fought for women- and minority-owned businesses to get a fair shot. And on Equal Pay Day – and every day – we’re going to continue to fight for fairness because we have to unstack the deck against women and minorities in every corner of our city.”
 
The Comptroller’s analysis found that traditionally male-dominated occupations at the higher end of the economic spectrum perpetuate not only a gender wage gap, but a power gap with significant implications for women’s long-term economic security – particularly for women of color.
 
The gender wage gap is largest among financial managers, the highest-paying occupation in the analysis with average annual earnings of about $166,000.
 
Pay disparities among financial managers stretch close to $90,000 for White women, and over $135,000 for women of color.
 
White male financial managers earn more than two times what Hispanic, Asian American and Pacific Islander (AAPI), and Black women are paid within the same occupational group—roughly $224,000 annually compared to about $100,000, $91,000, and $88,000, respectively.
 
Put another way, Hispanic, AAPI, and Black women financial managers make 45 cents, 40 cents, and 39 cents, respectively, for every dollar paid to White male financial managers.
 
The gender wage gap is smaller but still stark for White women, who make 60 cents to every dollar paid to White male financial managers.
 

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