New York City private sector loses 30,000 jobs in two months

New York City’s private sector has experienced a significant downturn, losing more than 30,000 jobs over the last two months. According to a report from City Comptroller Mark Levine, private-sector employment dropped by 7,400 in August and 23,000 in September.

The declines were most prominent in the finance and tourism sectors. The leisure and hospitality industry lost 7,700 positions in September alone and has seen a total decrease of 17,000 jobs over the past year. Additionally, the finance sector, a major tax revenue driver, shrank by nearly 6,000 positions in September.

Comptroller Levine described the trend as “concerning,” noting that while the national GDP grew by approximately 3% last quarter, the local job market has “hit a wall.” The report also highlighted economic pressures on residents, noting that New York City inflation is up 4.5% year-to-year, with rents increasing by over 5% and energy prices rising more than 21% compared to last year. Despite these losses, the city's unemployment rate remains steady at 4.8%.