The Tri-State Region’s Recovery from the Pandemic Recession Three Years On

Jaison Abel, Jason Bram, Richard Deitz and Jonathan Hastings
Additional contact information
Jason Bram: https://www.newyorkfed.org/research/economists/bram

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

Abstract: The tri-state region’s economy was hit especially hard by the pandemic, but three years on, is close to recovering the jobs that were lost. Indeed, employment initially 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 experienced similar declines, creating a much larger hole than in other parts of the country. Three years later, the recovery has been uneven: Recent job growth has been particularly strong in New York City, where employment remains just slightly below pre-pandemic levels, and in Northern New Jersey, which has more than recovered all of the jobs lost early in the pandemic. But it has been sluggish in downstate New York outside of New York City, and in upstate New York, and employment across the region has clearly not reached the level implied by pre-pandemic trends. A dearth of available workers remains a significant constraint on growth in the region, particularly in upstate New York, which had already been suffering from a lack of workers well before the pandemic began.

Keywords: pandemic; labor market recovery; New York City (search for similar items in EconPapers)
JEL-codes: E2 R10 (search for similar items in EconPapers)
Date: 2023-04-13
References: Add references at CitEc
Citations:

Downloads: (external link)
https://libertystreeteconomics.newyorkfed.org/2023 ... sion-three-years-on/ Full text (text/html)
https://newyorkfed.org/medialibrary/media/research ... Deitz_Tri_State_data 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:95969

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 ().