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NYC Comptroller Sees Robust Economic Growth, But Not Full Recovery Yet
New York City Comptroller Scott Stringer’s annual fiscal report shows that the city’s economy grew robustly through much of the fiscal year. However, it has yet to make a full recovery from the devastating economic impacts of the pandemic.
The city entered the fiscal year with much of the economy closed, private employment at 3.36 million and record unemployment. Employment at the end of the fiscal year in June was up 226,000, but still 505,000 below pre-pandemic levels.
The bulk of the job losses occurred in lower paying sectors of the economy providing in-person goods and services. Higher-paying workers telecommuted and were largely spared from job cuts.
“While we have a long road to recovery ahead of us, I am pleased to report steady growth—and I am confident that our city continues to be the best place to live, work, and raise a family,” said Stringer.
- ◦Economy
