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Opinion
Justin Fox

New York City’s Economy Still Hasn’t Caught Up

While the nation has largely recovered, the jobs picture for the country’s biggest city is still far worse than before the pandemic.

Slow comeback.

Slow comeback.

Source: Bloomberg

For the U.S. overall, the big job market story of the past year has been one of high demand for workers and a less cheap and abundant supply of labor than employers had gotten used to. The unemployment rate is just about back to where it was before the pandemic-induced recession of 2020, and — unlike during the early years of the previous economic expansion — the U-6 measure that includes the underemployed, marginally attached and discouraged does not seem to be indicating that there’s a lot of hidden unemployment. Definitions of “full employment” vary, but the U.S. economy right now seems awfully close.

The Big Take: New York City’s Renewed Vibrancy Is Hiding Deep Economic Pain