NYC’s Finance Jobs Won’t Recover for Six Years, Analysis Shows
(Bloomberg) --
New York City's finance industry won't recover from the devastation wrought by Covid-19 until 2026, according to an analysis by software firm LaborIQ by ThinkWhy that ranks U.S. employment markets.
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 finance sector spans industries ranging from banking and securities to real estate and insurance. 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.
LaborIQ, based in Dallas, Texas, 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).
New York was rated the world's leading financial market by the Global Financial Centres Index by Z/Yen Partners in collaboration with the China Development Institute and according to a survey from Duff & Phelps.
The city that never sleeps has shown its resiliency multiple times in the last 20 years, including from the Great Recession. ThinkIQ predicts that the employment level will be almost back to 2019 levels in six years.
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.
©2020 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
