NYC private sector sheds over 30,000 jobs in two months, comptroller warns

A recent analysis by City Comptroller Mark Levine’s office shows that New York City’s private sector shed more than 30,000 jobs across August and September, marking a sharp reversal after earlier gains. September alone saw a loss of 23,000 positions, following a decline of 7,400 in August, with finance and leisure & hospitality sectors hit hardest; tourism employment fell 7,700 in September and is down 17,000 year-to-year.

Over the last twelve months the city has lost 32,000 private-sector jobs, even as the overall unemployment rate holds at 4.8% and office and residential rentals remain robust. Levine linked the downturn to a national “K-shaped” economy, rising inflation (0.6% in September) and higher living costs, noting rent is up over 5% and energy prices over 21% year-over-year. The job losses arrive ahead of expected debates in Albany over possible business tax hikes to address looming municipal budget deficits, while Governor Kathy Hochul has pledged not to raise corporate taxes and Mayor Zohran Mamdani pushes a “tax the rich” agenda.