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The Big Apple’s private sector lost more than 30,000 jobs in the last two months alone — in what the city comptroller called a “concerning” downward trend.
Private-sector employment dropped by 23,000 in September after losing 7,400 jobs in August — with gigs in finance and tourism leading the private sector in declines, according to a new report by City Comptroller Mark Levine’s office.
“Despite a relatively strong tourism season, Leisure & Hospitality employment fell 7,700 in September alone and is down 17,000 jobs over the past year,” Levine wrote, calling the figures “concerning” across the board.
The finance sector, one of the state’s biggest tax revenue drivers, shrank by nearly 6,000 positions in September as well.
Overall, the city’s private sector has lost 32,000 positions over the past year, according to the report released Thursday.
“After picking up some steam earlier this year, the job market has hit a wall, with private sector employment decelerating nationally and dropping sharply locally,” Levine wrote.
“Meanwhile, national GDP is estimated to have grown by roughly 3% this past quarter,” he continued. “The ‘K-Shaped’ economy gripping the country is squeezing New York City just as tightly.”
He noted the 0.6% inflation jump in September nationally was the largest since May, “with New York City now up 4.5% year-to-year, as residents face a high cost of living compounded by rising energy costs.”
“Rents are now over 5% higher than this time last year, and energy prices are up over 21% since then as well,” Levine said.
But the fiscal watchdog said the city’s outlook wasn’t completely dire, with the unemployment rate holding steady at 4.8% and “red-hot rental markets” in office and residential properties pointing to continued demand for folks to move to and stay in five boroughs.
The private sector job losses, though, come ahead of the expected debate in Albany about hiking taxes on businesses to cover the impending massive budget deficits in New York City and other municipalities around the state.
Gov. Kathy Hochul has vowed on the campaign trail not to raise taxes for corporations.
Still, many insiders expect some sort of new revenue raiser for the state to be put forward as Mayor Zohran Mamdani pushes his “tax the rich” agenda.