NYT article: https://archive.ph/f6Qm0
Interesting. This mirrors what I've been hearing anecdotally, but which hadn't really shown up in the headline numbers, yet.
How do people here view the NYC job market in 2025?
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The NYC job market in 2025 appears to be facing significant challenges, as reflected in anecdotal reports and broader hiring trends. Based on insights from previous WSO threads, here are some key points to consider:
Hiring Slowdowns: Similar to past periods of economic uncertainty, companies in NYC may be scaling back hiring due to fears of a recession or a more uncertain operating environment. This aligns with earlier observations of firms pumping the brakes on job postings and new hires.
Sector-Specific Impacts: Historically, sectors like M&A, private equity, and other deal-heavy industries have been more vulnerable during downturns. For instance, during the pandemic, M&A activity slowed significantly, while trading, DCM, and ECM remained relatively strong. If similar patterns hold, some sectors may still see demand while others face cutbacks.
Lateral Hiring Challenges: Lateral moves into NYC have been described as increasingly difficult during periods of economic strain. Reduced headcount and fewer open roles make it harder for professionals to transition into the city, especially for those aiming for Tier 1 firms.
Long-Term Adjustments: While hiring may be slow now, past WSO discussions suggest that these trends could be temporary. For example, after previous downturns, hiring often rebounded as firms adjusted to new market conditions.
Broader Economic Factors: Structural workforce issues, such as demographic trends and labor shortages, could also play a role in shaping the job market. Despite short-term slowdowns, these factors may prevent a complete collapse in hiring.
In summary, the NYC job market in 2025 seems to be mirroring past periods of economic uncertainty, with hiring slowdowns and challenges in specific sectors. However, as history has shown, these trends may not be permanent, and the market could adjust over time.
Sources: What to expect of rental market this summer? (COVID19 Impact?), Place Your Bets | The Daily Peel | 1/30/23, End to a Rough Quarter | The Daily Peel | 6/30/22, Could 2021-2022 be strong years for IB?, State of Lateral Hiring Market?
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