New York City's current unemployment rate is 7.6%, which is double the recent release of the national unemployment average. This number is one of the highest unemployment rates in major cities right now. Many parts of life in New York City are returning to normal, as Covid restrictions are lessening and people are beginning to feel more safe. However, even though many people feel comfortable going out again and seem to want to return to a more "normal" life, many still choose not to go back to work or to work from home. Another factor impacting this high rate of unemployment is the speed of New York City's reopening. Many smaller cities reopened earlier and more quickly, but New York City being a covid hotspot and a bigger risk because of high population, big crowds, and public transportation, they were not able to reopen things as quickly. Even though right now it is fairly safe to go out and go to work, many people in New York are choosing to not go back to work in the office and buildings are under-occupied. Manhattan and the Bronx are both major unemployment hotspots, with fewer paychecks going out in Manhattan now than in the first month of the pandemic (March 2020). Hopefully as people adjust and feel more comfortable taking transportation, being in crowds, and working with others in an office, this number will drop.
https://www.bloomberg.com/news/features/2022-03-21/nyc-jobless-rates-double-u-s-averages-in-struggle-with-post-covid-recovery
The speed of New York City's reopening is definitely something I've found interest in. New York and primarily New York City is a very vulnerable place for a pandemic. No question that the state officials know this and have been taking baby steps. Some of these rules are weird however. Seeing Kyrie Irving recently being allowed to come to home games, but then have to sit on the bench was a little confusing. I'm sure they will get it figured out and get back on track.
ReplyDeleteI definitely think that New York will be on the right track very soon. Many New York based companies will likely begin to hire more workers as more and more restrictions are taken away. It will definitely take a bit of time due to the extremely high population in such a small area. I also think that people will not be able to rely on unemployment benefits as much anymore because they will likely decrease due to the lack of need.
ReplyDeleteWith all of the international travel that goes through New York City it would be difficult to contain another outbreak, the city needs to continue with cautionary steps in key areas like public transportation.
ReplyDeleteThis is fairly expected. With regards to people being unwilling to go back to work/get a new job in NYC specifically, it's probably due to a combination of fear of catching covid and having a higher reservation wage (The amount of money someone is willing to work for to stay with a firm) to work post pandemic. I suspect the latter would be more due to high inflation rates at this point. But then again if we get hit with another covid variant then newly hired in person workers might have to go back home again anyway.
ReplyDeleteIt makes sense that the unemployment rate would be high in New York because of the amount of people in New York City, so there will also be more people who are uncomfortable with going back to the way they were before. However, I think that more people will start going back to work soon if COVID cases stay low.
ReplyDeleteI think we will see a decline in the unemployment rate as there is more certainty in the economy and job market. As more employers are returning to the workplace, I think we will see a decrease in unemployment. In a place like New York with such a high population, small changes will have a great impact.
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