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.
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