Per the above NYT article, NYC added only 956 new private sector jobs in the first half of 2025....down from ~66,000 new jobs during the same period in 2024.
I knew the hiring market was bad, but this is just mind blowing.
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Truly insane stat. Hold on for dear life
I mean you have a stubborn Fed that is hyper focused on its credibility, so it’s going to prioritize inflation data over any other metrics. You have tariffs delaying deals (emphasis on delay not cancel). AI encouraging businesses to condense new grad class sizes. NYC is the hub for lots of the jobs impacted directly by these three major events, and this is further shown with how difficult the national job market has been for new grads.
I think once rate cuts happen, you get a domino effect with favorable trade realignment and then deals going through then finally the trickle down effect of job growth coming back. But AI will definitely be a permanent factor that will keep class sizes limited.
The Fed makes policy for the country as a whole, not individual submarkets. And I'm not sure why the Fed is being "stubborn," they have a goal for inflation that they've been very open about and they're gonna prioritize meeting that, not making sure banks who went on an unsustainable hiring binge can afford to keep paying absurd salaries to redundant staff.
Most observers seem to be of the opinion that far more deals have happened in the first half of the year due to tariff uncertainty, which is going to have impacts down the road in the second half, and not the reverse.
Moreover, a delay is a cancellation in this case. If you say "hey, we're not doing this until we know what the long term situation looks like and can reprice" then you have cancelled one deal to strike another.
I wonder how manipulated these stats are. I have a hard time buying this.
If true, its crazy. I was job searching last year around this time in the NYC area and still had a lot of trouble landing a role.
Why do you have a hard time buying this?
Lets also reiterate, this is almost certainly net hirings. It's not like there have only been 1,000 accepted job offers. It's when you combine it with layoffs/retirements/etc that you end up with the scary number.
And if you read between the lines, you see that the reason for this is because companies overhired in the past few years. This feels like a pretty natural realignment.
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