NYC private employers cut more than 30,000 jobs in two months, comptroller says
Hospitality and finance led the drop in August and September, while rents and energy prices kept climbing, Comptroller Mark Levine said.
New York City’s private employers shed more than 30,000 jobs over August and September, with finance and tourism-related work leading the losses, City Comptroller Mark Levine’s office said Thursday.
Private-sector payrolls fell by 23,000 in September after a drop of 7,400 in August. Over the past 12 months, the city’s private sector is down 32,000 positions. Levine called the trend concerning.
Where NYC is losing jobs: hospitality and finance
Leisure and hospitality employment dropped by 7,700 in September alone and is down 17,000 over the year, even after what Levine described as a relatively strong tourism season. Finance, one of the state’s biggest sources of tax revenue, lost nearly 6,000 positions in September. The Comptroller’s office says information-sector employment also fell in September, by 1,700 jobs, alongside the 5,800 drop in finance. NYC Comptroller’s Office The Comptroller’s office also says health and social assistance accounted for half of September’s job gain and has been one of the few persistent sources of job creation in the city. NYC Comptroller’s Office
“After picking up some steam earlier this year, the job market has hit a wall,” Levine wrote, pointing to slowing private hiring nationally and a sharp decline locally. He contrasted that with national GDP, which is estimated to have grown roughly 3% last quarter.
Rents, energy prices and inflation in New York City
The comptroller’s office also tracks the cost of living. Nationally, prices rose 0.6% in September, the largest increase since May, and New York City is up 4.5% from a year earlier. Rents are more than 5% above last year’s level, and energy prices have climbed more than 21% over the same period. The Comptroller puts the citywide rent increase at 5.6% over last September and says the rental market remains tight. NYC Comptroller’s Office
Some signs point the other way. The city’s unemployment rate held steady at 4.8%, and Levine noted strong office and residential rental markets as evidence that people still want to move to and stay in the five boroughs.
The figures arrive ahead of an expected debate in Albany over raising taxes on businesses to cover large budget deficits facing the city and other local governments. Gov. Kathy Hochul has pledged on the campaign trail not to raise corporate taxes, while Mayor Zohran Mamdani is pushing his plan to tax the rich.
What it means for you
Federal funding is set under a stopgap that runs through Dec. 11, 2026, a deadline that matters for city budget pressures. NYC Comptroller’s Office The Comptroller’s office plans its Annual State of the City’s Economy and Finances report for December 2026. NYC Comptroller’s Office
Quick answers
How many jobs has NYC lost recently?
The private sector lost 23,000 jobs in September and 7,400 in August, and is down 32,000 positions over the past year.
Which industries are losing the most jobs in NYC?
Leisure and hospitality, which fell 7,700 in September, and finance, which lost nearly 6,000 positions that month.
What is NYC's unemployment rate?
It held steady at 4.8%, the comptroller's office said.
