According to new data from the Department Of Labor for New York City, the city’s 7.6% unemployment rate is among the highest in the country.
In fact, the city’s unemployment rate sits at nearly double the national average of 3.8%.
“New York’s economy is enduring a slower recovery because it is so dependent on the office and entertainment sectors,” Mark Vitner, economist at Wells Fargo. “Cities that were quicker to reopen following the initial lockdowns at the start of the pandemic have also tended to see stronger recoveries.”
Many workers in the region are continuing to work from home, keeping major offices in Manhattan empty. According to a survey by the Partnership for New York City business group, just 16% of big New York City employers saw the daily occupancy above 50%.
Additionally, data from the Metropolitan Transportation Authority revealed that public transit numbers are 60% of their pre-pandemic levels.
New York City Mayor Eric Adams has been a proponent of office return, recently stating: “You can’t tell me you’re afraid of COVID on Monday and I see you in a nightclub on Sunday.”