NYC Employment Now at 99.4% of Pre-COVID Levels
New York City’s labor market continues to recover, as the private sector has added jobs for 12 consecutive months and the labor force participation rate has hit a record high, the New York City Economic Development Corporation reported. Private sector employment is now at 99.4% of pre-COVID levels.
However, NYC EDC president Andrew Kimball noted that growth has slowed in recent months, “and recent job losses in the Information sector show evidence of the potential headwinds facing parts of the economy.”
Return-to-office metrics remained stable in February, as office occupancy has doubled over the past year. Although vacancies have ticked up, the NYC EDC report said they’re “not at crisis levels.”
The latest monthly report noted that tourism indicators have declined slightly from recent post-COVID highs but are still firmly on the path to recovery. Recovery in subway ridership is slowing near 70%, while bus ridership fell slightly to 65.7%.