Many Places Still Have Not Recovered from the Pandemic Recession

Jaison Abel, Richard Deitz, Jonathan Hastings and Joelle Scally

No 20240507, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: More than four years have passed since the onset of the pandemic, which resulted in one of the sharpest and deepest economic downturns in U.S. history. While the nation as a whole has recovered the jobs that were lost during the pandemic recession, many places have not. Indeed, job shortfalls remain in more than a quarter of the country’s metro areas, including many in the New York-Northern New Jersey region. In fact, while employment is well above pre-pandemic levels in Northern New Jersey, jobs have only recently recovered in and around New York City, and most of upstate New York—like much of the Rust Belt—still has not fully recovered and has some of the largest job shortfalls in the country.

Keywords: pandemic; recession; jobs recovery; New York; New Jersey (search for similar items in EconPapers)
JEL-codes: J0 R0 (search for similar items in EconPapers)
Date: 2024-05-07
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