New York still has 454,000 fewer private-sector jobs than it did two years ago, before the coronavirus pandemic swept the city and state — a 4.1 percent job deficit that is the worst in the mainland US, according to an analysis by the new federal labor statistics shows.
As of February, the number of jobs in 21 states had exceeded their pre-pandemic employment levels, according to the Federal Bureau of Labor Statistics.
The U.S. as a whole has recovered 19.6 million of the 21 million jobs lost in spring 2020 — a full 1.1 percent recovery of all jobs lost during the pandemic, according to senior fellow EJ McMahon’s analysis of federal employment data with the Empire Center for Public Policy.
But New York State was still 4.1 percent below its pre-pandemic employment level. The city’s population has also declined sharply — particularly in Manhattan.
“On a percentage basis, only Hawaii and Alaska were worse off,” McMahon said.
Tourist-dependent Hawaii has 9 percent fewer jobs.
The recovery in New York’s jobs is painfully slow, despite the federal government pumping $270 billion into the state over the past two years, he noted.
“It will take more than federally subsidized government spending to fuel the economic growth that New York needs,” McMahon said.
McMahon said the COVID-19 lockdowns and other public health restrictions affecting commerce didn’t explain why New York lagged behind in recovering jobs.
Neighboring states of New Jersey, Connecticut and Massachusetts were also hit hard and early by the COVID-19 outbreak, imposing identical lockdowns and restrictions as of March 2020. Just like California.
Still, New Jersey and California are less than half a percentage point — 0.4% — away from regaining all pre-pandemic jobs reported in February 2020.
Meanwhile, Florida and Texas added jobs during the pandemic — 3.4% and 2.9%, respectively.
“Two years earlier, Florida had 357,000 fewer private sector jobs than New York; but last month private employment in the Sunshine State had grown to 244,000 jobs above New York levels,” McMahon said.
In an economic forecast released in January, Gov. Kathy Hochul said New York may not regain jobs in the tourism, hotel and retail sectors until 2026.
New York City — the state’s economic powerhouse and the epicenter of the first COVID-19 outbreak — suffered the largest job losses. The Big Apple has seen 282,700 fewer jobs as of February 2020 before the pandemic, or nearly 7% fewer.
But other regions of the state are also lagging behind, McMahon said.
“All but one of New York’s 14 other metro areas also lagged well behind the national job recovery rate. The exception was the smallest, Watertown-Fort Drum, where February employment was up 1.4 percent from 2020,” he said.
A comprehensive Morning Consult survey of more than 9,000 workers, commissioned by the New York City Partnership, the Big Apple’s influential trade group, found that concerns about rising crime and declining quality of life are also hurting economic recovery has hindered.
https://nypost.com/2022/03/28/new-york-has-454k-fewer-jobs-from-pre-pandemic-era-new-federal-data-shows/ New York has 454,000 fewer jobs from before the pandemic, new federal data shows