Earnings on Wall Street continued their good run, recording $31 billion in the first half of the year even as the industry continued to shed jobs at an increased pace, a report released Thursday by Comptroller Tom DiNapoli found. 

The health of the financial securities industry is key for what could be coming in the next New York state budget season given the outsized role the personal income tax and Wall Street have on the state's overall economy. 

That makes DiNapoli's updates on Wall Street and the industry a potentially key barometer for the state heading into the next several months. 

“Wall Street’s success during the pandemic has benefited New York’s economy and finances during a difficult time. The securities industry’s strong profits have helped shore up tax revenues and securities industry workers have been among the first to return to the office,” DiNapoli said. “Financial markets move in cycles, however, and profits will subside at some point. As we prepare for an eventual slowdown in Wall Street’s record activity, we need to ensure New York’s Main Street, and its other vital sectors, are also recovering.”  

Pre-tax earnings rose from $27.6 billion in the first half of 2020 to $31 billion in the new year as rock bottom interest rates have kept costs down and trading volume has been strong. 

But employment on Wall Street has dropped by nearly 2% in 2020 to 179,900 jobs. DiNapoli's report attributed the continued job losses to a combination of technological advances and relocation of some work. 

Still, New York City continues to be the capital of the financial world, holding double the number of securities jobs than second-ranked California. 

The average salary, meanwhile, has increased in the industry from 2019 to 2020, growing to an average $438,450 -- a 7.8% rise. Average bonsues paid last year also grew by 10% to $184,000.