Still not rising back to the pre-pandemic levels, Federal Data has shown that New York still has 454,000 fewer private-sector jobs than it had two years ago. This 4.1 percent employment deficit is the worst in the mainland U.S.
In an analysis of new federal labor statistics, job counts in 21 states had surpassed their pre-pandemic employment levels, according to the federal Bureau of Labor Statistics.
The US as a whole recovered 19.6 million of the 21 million jobs lost in the spring of 2020 –putting it within 1.1 percent of fully recovering all the jobs lost during the pandemic.
But New York State was still 4.1 percent below its pre-pandemic employment level, and the city’s population has also plummeted, particularly in Manhattan. EJ McMahon, senior fellow with the Empire Center for Public Policy said that the New York jobs recovery is painstakingly slow despite the federal government pumping $270 billion into the state the past two years.
“It will take more than federally subsidized government spending to ignite the economic growth New York needs,” said McMahon. He also added that the COVID-19 lockdowns and other public health restrictions that impacted commerce doesn’t explain why New York has lagged in job recovery.
Neighboring New Jersey, Connecticut and Massachusetts were also hit hard and early by the COVID-19 outbreak and imposed identical lockdowns and restrictions starting in March 2020. So, did California.
Meanwhile, Florida and Texas have added jobs during the pandemic — 3.4% and 2.9% respectively.
In January, Governor Kathy Hochul had forecasted that New York might not recover the jobs in the tourism, hotel and retail sector until 2026. The Big Apple has 282,700 fewer jobs, or nearly 7% less, from pre-pandemic February 2020.