New York by the Numbers
Monthly Economic and Fiscal Outlook
No. 107 - November 2025
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Photo Credit: Sean Pavone/Shutterstock
A Message from the Comptroller
Dear New Yorkers,
A lot of uncertainty comes with the fall weather this November. The federal government engaged in a record-long shutdown, paralyzing many New Yorkers who rely on critical resources like SNAP to survive in our city. And because we elected a new mayor, President Trump is threatening to cut New York City off from further federal funding.
We have quite the headwinds approaching, but as of right now, we’re in decent shape economically. While the shutdown prevented the release of employment data beyond August, ADP estimates that private-sector payroll employment rose by 42,000 in October, more than reversing a 29,000 decline in September. Based on data for most of the states, it is estimated that initial weekly jobless claims nationwide have remained at a subdued level. October business surveys continue to point to little or no economic growth.
This month’s Spotlight is also optimistic: contrary to all post-pandemic warnings, the City has evaded a “doom loop,” in which a reduced tax base would lead to cuts in services, compromising the quality of life, driving more residents and businesses away, thus creating a downward spiral. My office has found that the city’s office market, as well as the corresponding tax revenue, has not only out-performed post-pandemic expectations, but it has also out-performed other major U.S. office markets. Our central business districts are so back!
Although I only have one more Spotlight and Newsletter to shepherd through before passing the baton onto incoming Comptroller Mark Levine, don’t fret: we’ll still keep counting the numbers.
Until next month,
[[link removed]]
Brad Lander
Table of Contents
* The U.S. Economy [[link removed]]
* New York City Economy [[link removed]]
* City Finances [[link removed]]
Highlights
* Official U.S. jobs data have not been released beyond August due to the government shutdown. However, ADP’s estimate showed a modest rise in employment in October, following a decline in September.


* NYC’s employment and unemployment data are also not available beyond August. However, both initial weekly jobless claims and continuing claims have remained at a subdued level through October.


* Consumer sentiment has languished as of October—both statewide and nationwide.


* New York City’s office market has continued its moderate pace of recovery, in contrast with the nationwide office market which has continued to struggle.


* Transit ridership continues to lag, while there are indications that average bus speeds have improved modestly since congestion pricing took effect.


* Tourism has remained stable in recent weeks, showing more resilience than in some other cities.


* Year-to-date revenues (including audits) through September reached $27.9 billion, representing a 6.5% ($1.7 billion) increase over the same period in FY2025.


* Congress has approved funding to reopen the federal government, at least through January, but other threats to federal programs remain, including to the City’s Continuum of Care permanent housing programs.


* The rebound in the City’s full-time headcount has accelerated in recent weeks, though the level is still well below plan.


* Cash balances are down from last year, due to increased payroll and health insurance costs, along with larger advances to not-for-profit service providers.
View the November Newsletter [[link removed]]
Spotlight
A Turnaround in New York City's Office Market
This month's Spotlight focuses on the city’s office market, which was hard-hit by the pandemic, as well as the shift toward remote work that has persisted, but which now is showing signs of rebounding.
Read More [[link removed]]
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:
* The NYC Personal Income Tax Before and After the Pandemic [[link removed]]
* Annual Summary Contracts Report for the City of New York [[link removed]]
* Annual Comprehensive Financial Reports (ACFR) [[link removed]]
* Audit on the Effectiveness of the Mayor’s Office of Housing Recovery Operations’ Build It Back Program [[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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