By: Andrea Komisky
Those who work in New York City’s finance sector may be out of luck for a long time – like, the next six years.
According to an analysis by software firm ThinkIQ, which ranks employment markets across America, it may well be 2026 before the Big Apple sees relief.
“The NYC region lost about 8% of its finance jobs this year, down from its peak of more than 800,000 last August. Coronavirus, which has killed at least 21,000 New Yorkers so far, isn’t the culprit in all of those cuts. But the lockdown stemming from the illness caused a domino effect on everything from rents to mortgage payments,” the New York Post reported. “Most Wall Street firms pledged not to cut staff during the pandemic, but Bloomberg reported last month that Cantor Fitzgerald was planning to lay off hundreds of workers due to the virus.”
ThinkIQ predicts that the employment level will be almost back to 2019 levels in six years,” noted Bloomberg. “Most industries will take years to recoup. Employment in the leisure and hospitality arena, for instance, is expected to reach only about 90% of its 2019 level by 2026, the latest year in the forecast.”
The Aliso Viejo, California-based research firm “uses 10 key economic indicators to rank U.S. employment markets — including job and wage growth, demographics and educational attainment. New York ranks No. 1 in population but doesn’t fare as well in other metrics such as wage increases (No. 47) and job growth (No. 143),” Crain’s pointed out.
Meanwhile, a host of other pressures are forcing other New Yorkers into untenable positions. Mayor Bill de Blasio and New York City Corporation Counsel James E. Johnson joined a coalition of 24 Attorneys General in urging Congress to block the Trump administration’s attempts to cut vital food assistance for millions of Americans.
In a letter to Congress, the coalition expressed support for provisions in the House-passed HEROES Act that would prohibit the use of appropriation funds for three U.S. Department of Agriculture (USDA) administrative rules. The rules would cut food assistance under the Supplemental Nutritional Assistance Program (SNAP) by making it harder to qualify for SNAP food assistance benefits, reducing State flexibility to continue benefits beyond the three-month limit, and reducing benefit amounts for certain households. The coalition argues that, especially during this unprecedented time of economic turmoil due to the coronavirus (COVID-19) pandemic, Congress should work to protect and expand our nation’s largest anti-hunger program.
“At a time when food insecurity in our city and our nation is higher than ever, it is unconscionable that the Trump administration would want to roll SNAP back,” said de Blasio. “Here in New York, we are doing everything we can to ensure no one goes hungry. The Trump administration should be stepping up and expanding, not restricting, access to food.”
