Glass Half Empty Still Depopulated New York Office Tower

Here is the economic recovery update for November from THE CITY. Every month we publish a new analysis of the city’s employment, jobs and financial indicators.

Will the workers return in January?

The latest figures on office occupancy have dashed hopes that worker numbers will rise in New York’s still lagging business district as summer turns to fall.

of Castle Systems The region’s weekday average office occupancy tracker has remained at 47% for several weeks. The percentage of workers who show up for work on average weekdays in Manhattan offices is 49% of office workers at their desks, according to a September survey of large employers by the New York City Partnership. It is considered a little higher because

But the partnership also found that only 9% of employees are in the office five days a week. This could be even lower without the big banks and Wall Street firms requiring full-time attendance.

Pharmaceutical giant Pfizer, best known for its COVID vaccine, with its headquarters on East 42nd Street, exemplifies the problem.Chief Executive Officer Albert Brawler said last week Paley International Council Summit Since the pandemic shutdown, a third of his employees have not returned to the office at all. He said that starting in January, the company will require all U.S. workers to start coming to work — at least part of the time.

“I started worrying about losing the company’s DNA and the feeling of family,” says Bourla. “For our employees, those who work office type jobs, we are asking them and we will start enforcing attendance requirements of two to three days each week.

New York less vulnerable to lower inflation

New York remains less affected by inflation than the rest of the country, according to the latest local consumer price index data released Thursday.

Nationally, prices rose 7.7% from the same period last year, which was lower than expected and lower than the previous month.

In the New York area, the consumer price index rose 6%, almost 2 percentage points below the national rate. Inflation indicators rank him 18th among the country’s 22 metropolitan areas.

Over the past year, energy prices in the region increased by 15%, food prices increased by 8.6%, and prices of all commodities except food and energy increased by 4.9%.

at the same time every month Eliman Report As for rents, Manhattan and Brooklyn show stable rents, which should help keep inflation in check in the coming months.

Tech jobs are shrinking

New York City lost jobs on a seasonally adjusted monthly basis for the first time since recovery from pandemic shutdowns began 27 months ago. Starting in February, he will lose at least 1,000 New Yorkers jobs as the tech giant shrinks.

Seasonally adjusted employment fell by 2,500 in October, the state Labor Department reported Thursday. The normal increase in retail and higher education jobs in May did not match historical patterns.Cities have recovered only 84% of the jobs lost to the pandemic, but the country as a whole It shows a higher-than-expected increase and surpasses pre-pandemic employment records.

But since the pandemic changed normal employment patterns, it has been difficult to keep up with seasonal changes. The city’s recovery from the pandemic may not be over in a month, he said.

Another seasonally adjusted analysis by the city’s Office of Management and Budget showed private sector employment increased by 13,000, but noted that the increase was smaller than in the previous month.

Meanwhile, a labor notice filed with the state Department of Labor shows Facebook’s parent company Meta will lay off 871 workers in New York in early February. Twitter, meanwhile, has said it intends to dump hundreds of workers. Employees have probably already been shown the door, but they’ve been paid until the month to comply with federal rules on notice of large layoffs.

of Uproar continues on Twitter It means that the job cuts are likely to be even greater. Amazon, which announced this week that it will cut 10,000 jobs, has not yet indicated whether one of them will be in New York.

The city’s unemployment rate, which has been volatile in recent months, rose 0.3 percentage points to 5.9% in October.