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NYC Lags the Country in Job Recovery — So Eric Adams Must Plan for Recession Before It Hits

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NYC Lags the Country in Job Recovery — So Eric Adams Must Plan for Recession Before It Hits

New York Post August 28, 2022
EconomicsOther
Urban PolicyNYC

Mayor Eric Adams should start planning for a recovery from a recession now.

With the Dow Jones stock index down more than 1,008 points Friday, it’s fair to wonder how New York would fare in a long recession. The city would start off weaker than it’s been in at least three decades — so it should start planning now for a decent recovery.

Jobs-wise, New York already is in a slump: It’s been recovering lost COVID jobs far more slowly than the country as a whole. As of July, New York was still missing more than 2% of its pre-COVID jobs in the private sector, or nearly 90,000. In fact, we’re barely running even with 2017 and 2018 job levels.

The whole country, by contrast, has 1.5% more jobs than it had in 2019. That’s not great, but it’s more than zero.

Continue reading the entire piece here at the New York Post

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Nicole Gelinas is a senior fellow at the Manhattan Institute and contributing editor at City Journal. Follow her on Twitter here

Photo by John Lamparski/Getty Images

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