New York City's private sector added just 956 jobs in the current year, significantly down from 66,000 jobs created during the same period last year. Analysts, including Lauren Melodia from the New School, describe the job data as 'shocking.' The city's high taxes and regulations, particularly minimum wage laws, are viewed as major factors contributing to the job shortage. An Independent Budget Office projection estimates only 32,000 jobs will be added in 2025, contrasting with pre-pandemic job growth levels of around 100,000. Other metropolitan areas, however, have shown robust job growth in this period.
New York City has added only 956 private-sector jobs so far this year, a stark contrast to 66,000 positions added during the same time last year.
High taxes and stringent regulations, including minimum wage rules, are major challenges contributing to New York City's job shortage, overshadowing other factors.
The Independent Budget Office projects only 32,000 jobs will be created in 2025, a significant decline from pre-pandemic levels of about 100,000 jobs annually.
Despite New York's job stagnation, other metropolitan areas like Atlanta, Phoenix, and Houston have experienced significant job growth, suggesting local conditions may play a larger role.
Collection
[
|
...
]