The Region Is Struggling to Recover from the Pandemic Recession
Jaison Abel,
Jason Bram,
Richard Deitz and
Jonathan Hastings
No 20211217a, Liberty Street Economics from Federal Reserve Bank of New York
Abstract:
The pandemic struck the New York-Northern New Jersey region early and hard, and the economy is still struggling to recover nearly two years later. Indeed, employment fell by 20 percent in New York City as the pandemic took hold, a significantly sharper decline than for the nation as a whole, and the rest of the region wasn’t far behind, creating a much larger hole to dig out of than other parts of the country. While the region saw significant growth as the economy began to heal, growth has slowed noticeably, and job shortfalls—that is, the amount by which employment remains below pre-pandemic levels—are some of the largest in the nation. Among major metro areas, job shortfalls in New York City, Buffalo, and Syracuse rank among the five worst in the country. Thus, despite much progress, the region is struggling to recover from the pandemic recession. By contrast, employment has rebounded above pre-pandemic levels in Puerto Rico, reaching a five-year high.
Keywords: pandemic; recovery; job shortfalls; surveys; COVID-19 (search for similar items in EconPapers)
JEL-codes: R10 (search for similar items in EconPapers)
Date: 2021-12-17
References: Add references at CitEc
Citations:
Downloads: (external link)
https://libertystreeteconomics.newyorkfed.org/2021 ... -pandemic-recession/ Full text (text/html)
https://newyorkfed.org/medialibrary/media/research ... ressBriefing_Dec2021 Chart data (application/vnd.ms-excel)
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:fip:fednls:93492
Ordering information: This working paper can be ordered from
Access Statistics for this paper
More papers in Liberty Street Economics from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().