New York by the Numbers
Monthly Economic and Fiscal Outlook
No. 108 - December 2025
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Photo Credit: John A. Anderson/Shutterstock
A Message from the Comptroller
Dear New Yorkers,
When I penned my first cover note for the “New York By the Numbers” Monthly Economic Newsletter four years ago, we were in the midst of the Omicron surge of Covid-19. Office attendance had plunged to just 18%. Private employment, tourism, and Broadway revenues were still far below pre-pandemic levels.
Over the past 48 newsletters, we’ve tracked all of those numbers, and many more. We’ve reported to you monthly on labor market indicators, consumer confidence, public transit ridership, homeless shelter entrances and exits, as well as detailed information on the City’s revenues, bond ratings, and cash position.
The “Spotlights” have been some of my favorite content put out by our office. We’ve taken deep dives on the impact of AI, tariffs, student loan debt, arts & culture, unbanked New Yorkers, disability & employment, Federal funding, the City’s capital budget, and many aspects of the City’s housing market.
For the final Spotlight [[link removed]] of my tenure, we summarize the findings of our “ Annual Report of the City’s Economy and Finances [[link removed]] .” The numbers look a lot better than they did four years ago: more private sector jobs than pre-pandemic. A strong rebound in the office market. And there are many great Broadway shows to see.
Big challenges remain, of course. Growth has slowed in the face of Trump’s tariffs. There are sizable budget gaps to fill. Most of the job growth has been in sectors that don’t pay enough to afford this expensive city. And housing affordability is not just a strain for millions of families, it’s a strain on the city’s economy as well.
We’ve got one more report coming out next week, highlighting our accomplishments over this term – so I’ll save my final reflections for then.
For now, I’ll just say it’s been a profound honor watching the numbers for you,
[[link removed]]
Brad Lander
Table of Contents
* The U.S. Economy [[link removed]]
* New York City Economy [[link removed]]
* City Finances [[link removed]]
Highlights
* U.S. private-sector employment expanded at a subdued pace in October and November, while the unemployment rate climbed to a more than 4-year high.


* NYC’s employment and unemployment data—thus far available only through September—point to continued moderate growth in the Health & Social Assistance sector but almost no job creation elsewhere.


* Data on both initial weekly jobless claims and continuing claims, which are available through November, suggest that layoffs remain subdued. However, there was a pickup in advance layoff notices in October.


* Regional business sentiment has languished, as indicated by the New York Fed’s just-released surveys of both manufacturers and service firms.


* In November, consumer confidence fell nationwide for the fourth straight month, but in New York State it climbed to its highest level this year.


* Similarly, while the nationwide office market has continued to struggle, New York City’s market has continued its steady rebound.


* Tourism in New York City has shown continued resilience in recent weeks, even as it has sputtered across other parts of the U.S.


* The Adams Administration released its final Financial Plan on November 17th. Our Office projects a current year budget gap of $2.18 billion and over $10 billion for the coming fiscal year, both high for this stage of the fiscal planning cycle.


* On Friday, November 28, the cash balance stood at $3.001 billion. It was likely the lowest cash balance of the fiscal year. Over the past three years, seasonal lows have been trending steadily downward. The seasonal lows measured $4.602 billion in FY 2025 and $5.523 billion in FY 2024.
View the December Newsletter [[link removed]]
Spotlight
Economic Overview & Outlook for NYC
This month’s Spotlight focuses on the city’s recent performance, as well as the outlook, gauging local trends relative to nationwide trends.
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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:
* Annual Report on Capital Debt and Obligations, Fiscal Year 2026 [[link removed]]
* Annual State of the City’s Economy and Finances 2025 [[link removed]]
* Fiscal Note – Neglecting the Basics: The Critical Need to Modernize the City’s Financial IT [[link removed]]
* Fiscal Note – Flying Blind on Billions: How Weak Capital Data Undermines New York City’s Infrastructure Investments [[link removed]]
* Policy Report – Classrooms, Counselors, Clinics [[link removed]]
* Audit Report of the New York City Department of Education’s Oversight of Its Contracted Bus Services [[link removed]]
* Economic Benefits of the Earned Time Act [[link removed]]
* New York City Cash Balance Projection December 1, 2025 [[link removed]]
* New York City Quarterly Cash Report [[link removed]]
* Accounting for the Term [[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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