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The Region Is Struggling to Recover from the Pandemic Recession

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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.

Suggested Citation

  • Jaison R. Abel & Jason Bram & Richard Deitz & Jonathan Hastings, 2021. "The Region Is Struggling to Recover from the Pandemic Recession," Liberty Street Economics 20211217a, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:93492
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    More about this item

    Keywords

    pandemic; recovery; job shortfalls; surveys; COVID-19;
    All these keywords.

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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