New York City’s monthly economic-conditions reports has some good nuggets of information about the local economy.

The report is yet another reminder that since the credit bubble burst, the city has done better than the rest of the country in losing fewer jobs and getting them back faster.

Between 2008 and 2009, New York City lost 112,000 private jobs (other reports, which break employment levels out by month rather than quarter, put the total higher, at around 130,000). The city has since gained about 90,000 back.

Employment today is only 1.6 percent below the August 2008 peak (New York peaked later than the rest of the country — Wall Street was the last, or second-to-last, to get the message that the mortgage monster had died).

President Obama would love to see these numbers: the nation as on the whole has replaced only 20 percent of its lost jobs.

Also notable: the headcount in leisure, hotels, and retail is now at a record, with hospitality (think hotel) jobs 3 percent above their bubble peak. Thanks, global tourists.

Doing poorly still locally? Construction, down 16 percent from the peak — and finance, still down 8 percent. Even though financial profits are back, the people aren’t there.

You may also like

On College Readiness, Comptroller Asks Wrong Question, Delivers Flawed Answer 

Graduation rates are rising while standards for graduation are falling. It begs the question: What number of graduating students are college ready? Read More

A Look at Covid Learning Loss in NYC

New York City set an example worthy of approbation and emulation by publishing their grade 3-8 test results in math and English language arts. Read More

Judge, Jury and … CFO?

A state court judge at a hearing this morning will consider whether to interfere with New York City authority over its own budget by ordering a preliminary injunction that ices a portion of Gotham’s recently enacted FY 23 city budget. Read More

NY’s jobs recovery now strongest downstate

The Empire State's private-sector employment gains over the past year have been increasingly concentrated in New York City. Read More

NYC’s out-migration fueled NY state’s record population drop in 2020-21

A huge outflow of residents from New York City accounted for nearly all of New York State's record single-year population loss following the Covid-19 outbreak Read More

As a Supreme Court Ruling Loomed, Cuomo Bent His Own Rules on COVID ‘Clusters’

In the midst of the constitutional showdown over his pandemic policies, Governor Cuomo made changes to a disputed Brooklyn 'cluster zone' that seemed to contradict his own declared guidelines. Read More

In Pandemic Recovery, New York’s Tax Base Is More Fragile Than Ever

New York's exceptionally wealthy state tax base is also exceptionally fragile, due to its heavy dependence on the highly volatile (and portable) investment-driven incomes of Wall Street workers and fund managers. Read More

Empire Center Logo Enjoying our work? Sign up for email alerts on our latest news and research.
Together, we can make New York a better place to live and work!