Economic Trouble Signs Emerge for NYC as Office Vacancy Rate Keeps Rising
First-time jobless claims rise, even as employers are financing a special tax to pay down unemployment insurance fund debts piled up in the pandemic.
This article was originally published on by THE CITY
Here is your April economic recovery update from THE CITY. We publish a new analysis of the city’s employment, job and fiscal indicators each month.
Fed Rate Hikes Slow NYC Economy
Higher interest rates are beginning to take a toll on the New York economy: The city averaged monthly job gains of only 12,000 during the first three months of 2023, well below the monthly average of 19,000 last year.
The good news is that gains have brought the city to within 30,000 jobs of the 2019 pre-pandemic record, which means that even at the current pace, New York City will completely recover by the end of the second quarter all the 1 million jobs it lost in the pandemic shutdown.