"New York," begins the rousing Alicia Keys chorus of Jay-Z's catchy hit, Empire State of Mind. "Concrete jungle where dreams are made of/ There's nothing you can't do/ Now you're in New York." It's a nice thought—only trouble has been that there was actually a lot you couldn't do in 2009 in New York. Like get a job, for instance. The Empire State has seen nearly 230, 000 jobs cut over about a year and a half. Happily, that trend is turning. It's turning slowly, but it's turning. There is even talk of a "moderate recovery" beginning, like, right now!
Last year private-sector employment was down 3.2%— this year it is expected to dip only 0.6%. And get this, some experts believe New York employment will reach the same level it was before the recession began in ... 2014? Yes, that's a long time to wait but it could've been much, much worse. Historically New York lags behind the rest of the country when it comes to rebounding from a recession. It usually takes the state almost two years to catch up. This time around, however, economists are saying things will be different and the lag time will not be so pronounced. That's due primarily to the Fed's stimulus money and to the fact that New York was not hit as hard by home foreclosures as much of the rest of the country.
Of course, these predictions of a slow road back could get a little kick-start if more people were to believe, like this guy does, that New York City is a thriving hub of innovation. Short of that, we will continue to celebrate these baby steps toward recovery.
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