The economy has hit baseball salaries.

Major League Baseball teams cut payrolls for their active rosters and disabled lists by a staggering $47 million compared with 2008, according to an analysis released today. The nearly 2 percent drop from last season, according to the Associated Press, is a sign of tough times.

“Clubs were cautious all winter with regards to the economy and were concerned the economy might have an impact on club revenue,” said Bob DuPuy, baseball’s chief operating officer. “The spending reflected that for many clubs.”

The drop is the first since 2004 and just the second since the 1994-95 strike.

Looking at payroll team by team, 16 of the 30 major league clubs cut payroll. Among those who lowered spending — the mighty Yankees. Though the Bronx Bombers have the highest payroll in baseball, $201.4 million, they trimmed $7.6 million from last year’s payroll.

Here’s a look at what teams are dishing out this season, and the league’s highest paid players: