Wall Street's bonus season, the annual ritual that shapes so much of New York's economy, has come back strong. After lean years, larger year-end payouts are flowing to bankers and traders, and the effects are rippling far beyond the Financial District.

Real estate brokers, car dealers, and restaurateurs all track the bonus pool closely. The fictional brokerage Downing Residential reports a surge in apartment inquiries timed to the payouts, a reliable sign that money is moving.

Economists note that the bonus cycle makes New York's economy unusually sensitive to Wall Street's fortunes. A generous season lifts tax revenue and spending across the city; a stingy one is felt in shop windows within weeks.