New York City Employment Recovery Complete, but Uneven across Industries
Khaled Eltokhy and James Orr January 20, 2025
By the start of 2024 New York City employment had reached its pre-pandemic level of 4.7 million jobs, and more than 55,000 new jobs were added through November. The city’s recovery from the significant pandemic-related disruptions defied some predictions though several city industries continue to face challenges. In this post we look at the industries leading the recovery and expansion of jobs, including the traditionally strong Healthcare and Professional and Business Services industries, along with Finance. We also look at industries where job counts have not yet recovered, including Retail Trade where the adverse effects of efforts to control the pandemic, as well as the increase in remote work, continue to have an impact.
New York’s Employment Recovery: Almost There but Virus Effects Linger, New Issues Emerge
Gillian Fuchs and James Orr January 31, 2024 Nearly four years after the onset of Covid-19 how is employment in New York City faring? In this post we outline the pattern of recovery of employment in the City and show how employment
New York’s Employment Gains Slow in November
The number of jobs in New York State continued to increase in November though at a slower pace than in October, even taking into account the phasing out of the 2020 census jobs. The New York State Department of Labor reported that
New York’s Economy Trying to Heal From the COVID-19 Crisis
Fadime Demiralp and James Orr
October 31, 2020
Deep declines in employment across New York resulted from the efforts to contain the COVID-19 outbreak. Where does the economy stand? What factors will affect the recovery? We address these questions in this post. Read more
New York’s Employment Gains Slow Modestly in August
The number of jobs in New York State increased in August at a slightly slower pace than in July, and were boosted by the start of hiring for the 2020 census. The New York State Department of Labor reported that employment statewide increased
New York’s Employment Recovery Slows in July
The number of jobs in New York State increased in July but at a slower pace than in June, and the statewide unemployment rate ticked up. The New York State Department of Labor reported that employment statewide increased by 176,600 (seasonally adjusted) in
New York’s Labor Market Steadies in May
By Jim Orr, The New York State Department of Labor reported that employment statewide increased by 98,000 (seasonally adjusted) in May, a recovery of about 5.0 % of the nearly 2 million jobs lost in the March/April period. This gain was below the
New York Employment Declines Severely in April
By Jim Orr, The New York State Department of Labor reported a (seasonally adjusted) loss of 1.83 million jobs statewide in April, a year-over-year decline of 19.4%. This decline exceeds the 12.9% job loss nationwide in April reflecting the much stronger impact of
The New York Economy Amid the Coronavirus Crisis
James Orr and Zhuo Xi
April 26, 2020
New York, along with the rest of the nation and world, is in the midst of the coronavirus crisis. It is hard to comprehend the tragic loss of more than almost 17,000 lives (as of April 27) statewide including more than 11,000 in New York City. Read more
New York Labor Market Weakens Dramatically in March and April
The New York State Department of Labor reported a (seasonally adjusted) loss of 41,700 jobs statewide in March, a decline of 0.4% over the month and in line with the nationwide decline of 0.5%. The Department notes that the reference period for collecting
The Opioid Crisis in the New York Area: A First Look
Robert Utzinger
February 17, 2020
The United States has been experiencing an increase in the number of deaths due to suicide and drug overdose. In this article I first explain this problem, review the theories behind this phenomenon focusing on drug abuseRead more
New York City Jobs Up but Growth Moderates Through the Third Quarter 2019
Meng-Ting Chen and James Orr
December 29, 2019
New York City employment is now well into its ninth year of growth and jobs across a variety of sector continue to expand. Read more
Sturdy Job Growth in New York City Continues
James Orr
April 29, 2019
New York City’s job recovery continued into early 2019, with employment growth exceeding both New York State and the national average. While overall gains remained solid, job growth differed sharply across industries, revealing structural shifts shaping the city’s labor market.
Why is New York Job Growth Slowing?
Fadime Demiralp and James Orr
October 31, 2018
Job growth in New York City and New York State slowed through the third quarter of 2018, falling below the national pace after years of stronger performance. Moderating growth across several large sectors highlights shifting dynamics in the region’s labor market.
New York City Job Growth: Healthy, but Divergent Across Sectors
James Orr
March 27, 2018
Job growth in New York City remained solid in 2017 but slowed from the rapid pace of earlier years. While major service sectors continued to add jobs, weaker performance in retail and manufacturing highlights a gradual cooling in the city’s labor market.
December 01: the New York State Department of Labor Reported a Loss of 14,000 Jobs Statewide in October
The New York State Department of Labor reported a loss of 14,000 jobs statewide in October, following revised job losses of 15,000 in September. Total employment is up 1.1% in the state over a year ago compared to 1.4% for the nation.
Is the New York Economy Slowing Down?
James Orr
October 26, 2017
Recently-released employment figures show the number of jobs in New York State and New York City declined sharply in September: The state lost about 34,000 jobs and about two-thirds of the decline occurred in the city, suggesting a possible slowing of the robust employment picture seen downstate. This post examines these recent job numbers and to what extent there is a suggestion of a cooling off of job growth. It then looks at several services sectors that have been key drivers of job growth over the past year.
October 23: the New York State Department of Labor Reported Steep Job Losses in New York in September
The New York State Department of Labor reports a loss of just over 34,000 jobs in the state in September, and the U.S. Bureau of Labor Statistics reports a loss of 19,000 jobs in New York City.
September 27: the New York State Department of Labor Reported That 2,200 Jobs Were Added in the State in August
New York State added 2,200 jobs in August. Over the past year employment in the state is up 1.6%, slightly above the 1.5% national job growth rate. New York City's growth was a strong 2.1%.
Rising Interest Rates, Mortgage Interest Rates, and New York Home Prices
Richmond Kyei Fordjour
September 15, 2017
Conventional wisdom tells us that a rise in interest rates hurts the real estate sector since higher mortgage rates discourage first-time homebuyers and raises costs of existing mortgages. Surprisingly, the recent trends in mortgage rates and in housing market indices do not support this view. This article examines the facts in the New York Metropolitan area and the United States.