New York City Economic Update, July 1, 2024

Lauren MelodIa and Mohammed Obaidy of the New School, Center for New York City Affairs have prepared a Report discussing the economic outlook for New York City, emphasizing job growth. The Report is being released today, July 1, 2024.

According to the authors, “With inflation, tight credit, and Unease about Presidential Politics, New York City’s job growth is in a holding pattern…The New York City metro area Index of Consumer Sentiment’s current score decreased to 73.1 in the first quarter of 2024, down from 77.7 in the fourth quarter of 2023.”

This posting includes their Summation followed by a link to the entire Report.

SUMMATION:

“To summarize: In many respects, the current economic outlook in New York continues to broadly track that of the nation. However, the city’s current economic situation is different from the nation’s with higher unemployment than before the pandemic. Therefore, there is still a need for City and State government to work with the private sector to implement strategies to facilitate more growth.”

NEW YORK CITY ECONOMIC UPDATE.