How Did New York City’s Economy Weather the Pandemic?

Jason Bram

No 20230413b, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: When COVID-19 first struck the U.S. in early 2020, New York City was the epicenter of the pandemic. By early April, there was an unthinkable scale of suffering, with massive hospitalizations and roughly 800 fatalities per day, accounting for nearly half of the nationwide total. The rapid spread was facilitated by the city’s extraordinarily high population density and widespread use of mass transit. What followed was a quick and massive shutdown of restaurants, retail stores, personal services, offices, and more. And the shutdowns, of course, led to widespread job losses. Between February and May, one out of five jobs in the city vanished; in the restaurant industry, 70 percent of jobs were lost. Although the pandemic didn’t go away, the city’s economy has recovered steadily, aside from a brief but sharp setback in late 2020. By early 2023, New York had finally reversed just about all of the total job loss. In this post, we look at the contours of the city’s recovery as a possible guide to where we go from here.

Keywords: New York City; post-pandemic; pandemic (search for similar items in EconPapers)
JEL-codes: R10 (search for similar items in EconPapers)
Date: 2023-04-13
New Economics Papers: this item is included in nep-his and nep-ure
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