New York City’s 7.6% unemployment rate is the worst in the United States due to the continued popularity of working from home and the shortage of foreign tourists. Many are thwarted by the proliferation of crime.
Labor statistics for the New York City region reveal that Big Apple has one of the highest unemployment rates in the United States.
According to statistics, unemployment has jumped to 11.1% in Bronx, and pandemic-affected black New Yorkers are facing an unemployment rate of 15.2%, Bloomberg reported.
Black New Yorkers are likely to be essential or service workers, and many of their industries have been hit hardest by the blockade of COVID.
According to Mark Vitner, senior economist at Wells Fargo, part of the reason New York City is lagging behind is the slow recovery after the pandemic.
The normally bustling Rockefeller Plaza died in March 2021. New York’s unemployment rate remains at the highest level in any city in the United States, as office workers stay home and tourists avoid the city altogether.
“The New York economy is heavily dependent on the office and entertainment sector, so it has endured a delay in recovery,” Bitner told Bloomberg. “Cities that were quick to reopen following the initial blockade at the beginning of the pandemic also tended to see a stronger recovery.”
After the pandemic, real estate prices in New York soared, but offices in Midtown and the financial district of Manhattan remain empty as many employees chose to work from home.
As a result, subway passenger numbers are only 60% of pre-pandemic levels, and Manhattan’s peripherals, especially the services, hospitality and entertainment industries, have not yet fully recovered, Bloomberg reported.
New York’s tourism industry has also been hit, failing to attract foreign tourists.
New York Mayor Erik Adams has made it one of his main goals to bring workers back to the office, and to lead the city’s major businesses to bring them back to the office to stimulate the city’s economy. Asked to give priority.
As a result, subway passenger numbers remain at 60% of pre-pandemic levels, and companies around Manhattan have not yet fully recovered.
“You can’t send mixed messages,” Adams told bank and tech executives at a press conference in February. “You can’t keep kicking the can.”
“It’s time for us to come back,” he added. “In the coming weeks, I hope the CEO will have a real plan,’This is when you need to come back.’ “
Manhattan accounts for 57% of the city’s employment and is the city’s biggest attraction, with salaries nearly 275,000 less than in March 2020, quarterly employment statistics and wage data reported.
“Manhattan is a huge economic and social impetus,” Andrew Rigie, Executive Director of the New York City Hospitality Alliance, told Bloomberg.
However, as fewer people commute to the office, only 30% of employees are in work compared to 2019, one-fifth of companies planning a full return. Only are forced to plan an unfocused recovery. When I got back to the office.
“This is likely to be a structural change in the way people see people working, commuting, and just being in the office,” Alex Heil, vice president of research for the Citizen’s Budget Committee, told Bloomberg. Said.
New York City Comptroller Brad Lander told Bloomberg that the move from home to work could be an opportunity to transform an empty Manhattan office with a cultural center, biotechnology lab, and startup incubator. rice field.
“The city of New York has changed its footprint many times,” he said.
In late January, the Wall Street giant began announcing a new return date for its employees. Citigroup has instructed metropolitan staff to prepare to return to the office at least two days a week starting February 7. A person familiar with the policy told the New York Times.
Goldman Sachs and JPMorgan Chase told employees to return to the office from February 1st after delaying their return before vacation because the COVID-19 case went out of control before vacation. .. Goldman Sachs had planned a return date of January 14th before making any changes.
New York City Mayor Eric Adams urged leaders of major companies in the city to prioritize returning workers to offices to stimulate the city’s economy.
BNP Paribas has set a return date of February 7 for all US staff after delaying face-to-face work plans by about a month due to the surge in Omicron.
A retail banking company that employs about 14,000 people in the United States expects US staff to work at least one day a week. This is similar to the policy at the end of last year before the Omicron variants swept the country.
“What happened at Omicron wanted us to go back to a more conservative mode, so we only have people in the office when there is a business need,” said New York. Kevin Abrazek, Head of Human Resources Development and Transformation, told Reuters.
In addition to returning employees to the office, Adams announced his latest economic development plan earlier this month, saying it would help rebuild the city.
His plans call for supporting small businesses and fostering specific industries, including the legitimate cannabis industry.
New York last year legalized the use of cannabis over the age of 21 for recreational purposes, as the state is organizing regulations that are expected to be one of the largest legal cannabis markets in the United States. Entertainment sales are not expected to begin until later this year or early next year. ..
New York’s tourism industry has also been hit, failing to attract foreign tourists.Times
The mayor’s office estimates that the industry will generate $ 1.3 billion in sales and 19,000 to 24,000 jobs.
Adams also has an outreach plan to lure tourists to visit five provinces and spend money.
The number of tourists in New York decreased from 66.6 million in 2019, when the pandemic occurred, to 22.3 million in 2020.
Adam also said that he would focus on beautifying the city and prioritize street cleaning and graffiti and debris removal.
The city will also add benches, bike racks, planters and other equipment, as well as establish long-term standards for outdoor dining structures on streets and sidewalks that have become a staple during pandemics.
“We need to have a clean city, and every part of the city reflects how we feel about ourselves,” Adams said. “When our city isn’t clean, it sends the wrong message.”
Despite his big plan to draw in from the townspeople and clean the streets, Adams couldn’t come up with a comprehensive plan to tackle the increasing crime.
Today, the city is caught up in a wave of crime in February, with a surge of nearly 60% last year.
The city’s latest crime count shows 9,138 cases in February, in contrast to 5,759 cases during the same period in 2021, with double-digit surges in almost all major categories. ..
There were 32 murders in February, three more than in the same month last year.
In several other categories, shocking jumps were seen, such as car theft. This surged nearly 105%. Massive theft surged nearly 80% year-on-year. Robbery surged 56 percent. Robbery increased by 44% and assault increased by 22%. Rape also saw a horrifying 35 percent rise in February.
Residents also responded horribly to a series of high-profile incidents, such as the violent abuse of a woman with a hammer by a Queens homeless man and the smearing of feces on another woman in Bronx-then the suspect, Forty-four arrested violent criminals were released without bail.