Recession alarm? New York City job market collapses, only 956 hires in 6 months — worst in decades
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The United States' largest municipal economy has taken an unexpected turn as New York City employers added just 956 private-sector jobs in the first half of 2025, marking the weakest job growth outside of a recession in decades, as per a report.
New York City Posts Weakest Job Growth in Decades
Compared to the same period last year, when the city added 66,000 job, the slowdown is dramatic, as per a New York Times report. Major industries that typically power New York's economy, including finance, hospitality, and retail, have all cut positions this year, according to the report. The data is gathered from the city's Office of Management and Budget.
Mark Zandi, chief economist at Moody's Analytics, said that, 'The New York City economy has gone sideways so far this year,' adding, 'New York is a leading indicator, and the flattening of employment is now showing up nationally," as quoted by the New York Times.
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NYC Job Market Stalls After 2024 Recovery Peak
The slowdown follows a period of strong post-pandemic recovery that peaked in 2024, with record employment and Wall Street bonuses, according to the report. Now, the city is seeing its slowest job growth since 2003, excluding periods of national recession and the pandemic, as reported by the New York Times.
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Lauren Melodia, director of economic and fiscal policy at the New School's Center for New York City Affairs, said that, 'It is shocking because we aren't in a recession,' adding, 'At the same time, it's not shocking given the political environment and impact on the economy,' as quoted in the report.
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NYC Businesses, Restaurants, Bars Report Weak Sales
The city's unemployment rate now stands at 4.7%, above both the state and national averages, reported The New York Times. Unemployment is even higher for some segments of the city's population, like for young workers, as per the report. Business owners say they began to feel a shift around March, with fewer customers and rising costs tied to new tariffs, which resulted in hiring freezes and job cuts, according to New York Times.
Philippe Massoud, the executive chef and owner of Ilili, a Lebanese restaurant in Manhattan, said that, 'I'm not adding to my staff because my revenues are shrinking,' adding, 'I can't afford the payroll even if I wanted to,' as quoted in the report. Massoud said rising prices on goods, construction materials, and even coffee have squeezed his margins, leading him to cancel expansion plans, as per the New York Times report.
The hospitality sector has been particularly hard hit. A recent survey from the New York City Hospitality Alliance found that over half of restaurants and bars saw disappointing sales last quarter, and many don't expect improvement soon, according to the report.
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NYC Job Seekers Face Long Waits, Fewer Opportunities
Meanwhile, job seekers in New York City highlighted that they are more worried about long-term unemployment as their applications go unanswered, and some people who have been unemployed since last year said they had applied to hundreds of jobs, desperately trying to find anything that will provide an income, as reported by New York Times.
Is AI Cutting Jobs?
Zandi pointed out that the rise of artificial intelligence might have influenced the slowdown in finance jobs, saying, 'There is a general view in financial services and professional services, both obviously very large in New York City, that A.I. holds enormous promise for doing things with less people,' adding, 'That does affect hiring decisions,' as quoted in the report.
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As the July jobs report paints a grim picture, 114 companies plan layoffs in August - is yours on the list?
FAQs
Why has NYC's job growth slowed down in 2025?
Hiring has slowed dramatically due to rising business costs, tariffs, and uncertainty in major industries like finance and hospitality, as per the New York Times report.
Is New York City in a recession?
No, technically NYC is not in a recession. But the job numbers suggest a significant slowdown that resembles one, as per the New York Times report.
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