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Coronavirus

NYC Employment Won’t Reach Pre-Coronavirus Levels Until 2024

It will take New York City at least four years to recover from the coronavirus’s economic devastation with employment expected to return to pre-pandemic levels by 2024, according to a blunt new analysis by the city’s Independent Budget Office.

The IBO projects that the Big Apple will continue to shed jobs through 2021 — though the rate of losses is expected to slow dramatically — and that it will take until 2022 for a rebound to get underway.

“Strong gains in employment and income in the city are not expected until calendar year 2022,” the report says. “Although the job losses are concentrated in retail trade, leisure and hospitality, and eating and drinking establishments, virtually every industry in the city will lose jobs, with employment not expected to recover its pre-COVID-19 levels before 2024.”

Read the source article at New York Post

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