New York by the Numbers
Monthly Economic and Fiscal Outlook
No. 106 - October 2025
READ MORE [[link removed]]
Photo Credit: Sean Pavone/Shutterstock
A Message from the Comptroller
Dear New Yorkers,
As far as the numbers that many New Yorkers care about most in the fall: the Mets, Yankees, and Liberty all fell short this season. Wait till next year! (as old-timers still say in Brooklyn).
The economic numbers are more mixed. Nationally, job growth remains sluggish, consumer sentiment is down, and there’s a great deal of volatility in the economy, due to shifting tariffs and the federal government shutdown. We document some of the impacts New Yorkers face.
Locally, there are more positive data points. Modest growth in jobs and transit ridership continues. Tax receipts for FY25 were up 8.3% over the prior year, and 4.2% over projections. And the last fiscal year saw a significant increase in homeless families placed into permanent housing (mostly through a big expansion in CityFHEPS).
This month’s Spotlight [[link removed]] reviews an interesting mix of numbers over the long term: we compare the demographics and economic realities faced by successive generations of New Yorkers – Baby Boomers, Gen X, Millennials, Gen Z – across their life-trajectories. Subsequent generations have gotten more diverse (relative to each other, and to the country), and seen their income and educational attainment rise. Unfortunately, their costs, especially housing, have risen even more.
Unfortunately, income inequality has increased in both the short and long term. In current data, we find that wage gains are primarily in sectors that already feature the highest incomes (tech, finance). And income disparities have gotten significantly wider with each generation, and to a far greater degree in New York City than nationwide.
How ‘bout those Rangers?! Through the ups and downs, across seasons, sports years, and even generations, we’ll keep counting the numbers.
[[link removed]]
Brad Lander
Table of Contents
* The U.S. Economy [[link removed]]
* New York City Economy [[link removed]]
* City Finances [[link removed]]
Highlights
* September U.S. jobs data have not yet been released due to the government shutdown. However, ADP's estimate showed a modest decline in employment, following months of sluggish job gains.


* NYC's unemployment rate edged up to a 4-month high of 4.9% in August, while the employment-population ratio held steady at a record high. Payroll employment has continued its moderate upward trend but with almost all the net gain continuing to accrue to Health & Social Assistance and Government.


* Regional business sentiment has been increasingly negative, while consumer confidence has been mixed but overall steady at tepid levels.


* New York City's office market has continued its moderate pace of recovery, diverging from the nationwide office market which has struggled to recover from its post-pandemic slump.
* Final FY 2025 tax receipts are in and they were up 8.3% over final FY 2024 collections, and up 4.2% against OMB's FY 2025 Adopted Budget projections published in June 2024.


* On September 30, the Mayor released the Adopted FY 2026-FY 2029 Capital Commitment Plan, which totals $93.01 billion in authorized commitments over the FY 2026-FY 2029 period (including State and Federal funds). The total is $5.30 billion (6.0%) greater than in the previous plan released in May 2025.
* On the Federal side, the government remains in a shutdown pending negotiations that center around the extension of the Affordable Care Act's enhanced tax premiums. Without an extension, out of pocket health insurance costs for ACA enrollees in NYC are expected to go up by more than 200%.
View the October Newsletter [[link removed]]
Spotlight
How have the various generations fared in New York City over the years?
This month's Spotlight explores the changing social and economic realities faced by successive generations in New York City and the United States — from Baby Boomers to Generation Z. We examine how time, age, race, sex, and other factors interact with various measures of income, employment outcomes, and affordability.
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In Case You Missed It
Over the past month, the Comptroller's Office released the following announcement on the state of NYC's economy and finances:
* New York City Cash Balance Projection [[link removed]]
* New York City Quarterly Cash Report [[link removed]]
* Sanitation Department Awards Contracts to Commercial Waste Haulers with Hundreds of Safety, Environmental, and Labor Violations, Comptroller Finds [[link removed]]
* Comptroller Lander Conducts Sweeping Audits of 4 Human Services Agencies Use of Subcontractors [[link removed]]
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Office of the New York City Comptroller
Office of New York City Comptroller Brad Lander
1 Centre Street
New York, NY 10007
United States
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