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,
