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The New York City skyline seen from the Summit One Vanderbilt observation deck.

The New York City skyline seen from the Summit One Vanderbilt observation deck.

Photographer: Jeenah Moon/Bloomberg
CityLab
The Big Take

New York City’s Renewed Vibrancy Is Hiding Deep Economic Pain

Workers still aren’t flocking back to offices and unemployment is double the U.S. average, ratcheting up pressure to reinvent the city’s economy.

New York City’s apartment sales are sizzling, popular restaurants are booking up and Covid mandates are fading away. But underneath the buzz, an economic pain persists in a city where twice as many people are unemployed compared to the seasonally adjusted U.S. average.

At 7.6%, the city’s unemployment was among the worst of major cities. It also lags behind neighboring Northern New Jersey and Long Island. The jobless rate jumps to 11.1%, not seasonally adjusted, in the Bronx, the highest of New York’s five boroughs, and even higher for Black New Yorkers, who were disproportionately impacted by job losses during the pandemic.