Despite the U.S. fully rebounding from pandemic-related job losses, New York City is still lagging behind.
According to analysis, 176,000 jobs are still missing across New York, the slowest pace of recovery among major cities.
It’s clear that residents have moved past the restrictive rules of the pandemic, with Mayor Eric Adams encouraging people to return to the office, tourists flooding back into Times Square and Wall Street (almost) successfully making their in-person-work dreams come true.
However, because New York heavily relies on business travel and commuters who have yet to make a full return, front-facing jobs like those within the hospitality and retail industries continue to see limited workforce demand.
On the other hand, knowledge workers in technology and similar positions have already reached their pre-pandemic levels.
“The real damage here is that many of the industries with the most accessible jobs are the ones that are still struggling to fully recover,” said Jonathan Bowles, executive director of think tank the Center for an Urban Future.
Simultaneously, New York rent prices have skyrocketed, deepening the economic divide.
As of July, the city’s unemployment sat at 6.1%, nearly double the country average of 3.5%.
