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2021-06-21

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New York faces lasting economic toll even as pandemic passes

NEW YORK (NYTIMES) - As the national economy recovers from the pandemic and begins to take off, New

New York faces lasting economic toll even as pandemic passes

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew York faces lasting economic toll even as pandemic passes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 09:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/new-york-faces-lasting-economic-toll-even-as-pandemic-passes><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (NYTIMES) - As the national economy recovers from the pandemic and begins to take off, New York City is lagging behind, with changing patterns of work and travel threatening the engines that ...</p>\n\n<a href=\"http://www.straitstimes.com/business/new-york-faces-lasting-economic-toll-even-as-pandemic-passes\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NGD":"New Gold"},"source_url":"http://www.straitstimes.com/business/new-york-faces-lasting-economic-toll-even-as-pandemic-passes","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145594707","content_text":"NEW YORK (NYTIMES) - As the national economy recovers from the pandemic and begins to take off, New York City is lagging behind, with changing patterns of work and travel threatening the engines that have long powered its jobs and prosperity.\nNew York has suffered deeper job losses as a share of its workforce than any other big US city. And while the country has regained two-thirds of the positions it lost after the coronavirus arrived, New York has recouped fewer than half, leaving a deficit of more than 500,000 jobs.\nRestaurants and bars are filling up again with New Yorkers eager for a return to normal, but scars are everywhere. Boarded-up storefronts and for-lease signs dot many neighbourhoods. Empty sidewalks in midtown Manhattan make it feel like a weekend in midweek. Subway ridership on weekdays is less than half the level of two years ago.\nThe city's economic plight stems largely from its heavy reliance on office workers, business travellers, tourists and the service businesses catering to all of them. All eyes are on September, when many companies aim to bring their workers back to the office and Broadway fully reopens, attracting more visitors and their dollars. But even then, the rebound will be only partial.\nThe shift towards remote work endangers thousands of businesses that serve commuters who are likely to go into the office less frequently than before the pandemic, if at all. By the end of September, the Partnership for New York City, a business advocacy group, predicts that only 62 per cent of office workers will return, mostly three days a week.\nRestoring the city to economic health will be an imposing challenge for its next mayor, who is likely to emerge from the Democratic primary on Tuesday. The candidates have offered differing visions of how to help struggling small businesses and create jobs.\n\"We are bouncing back, but we are nowhere near where we were in 2019,\" said Ms Barbara Byrne Denham, senior economist at Oxford Economics. \"We suffered more than everyone else, so it will take a little longer to recover.\"\nAt 10.9 per cent in May, the city's unemployment rate was nearly twice the national average of 5.8 per cent. In the Bronx, the city's poorest borough, the rate is 15 per cent. Workers in face-to-face sectors like restaurants and hospitality, many of whom are people of colour, are still struggling.\n\"While the recovery has probably exceeded expectations, unemployment remains staggeringly high for black and brown individuals and historically marginalised communities,\" said Mr Jose Ortiz Jr, chief executive of the New York City Employment and Training Coalition, a workforce development group.\nAt the same time, hundreds of small businesses, which before the pandemic employed about half the city's workforce, did not survive. And many that did are saddled with debt they took on to survive the downturn and owe tens of thousands of dollars in back rent.\n\"I have a huge amount of debt to pay back because I had to borrow all over the place to stay alive,\" said Mr Robert Schwartz, the third-generation owner of Eneslow Shoes & Orthotics.\nHe closed two of his four stores but kept open branches on Manhattan's Upper East Side and in Little Neck, Queens.\n\"We'll survive, but it's going to be a long, slow recovery,\" Schwartz said.","news_type":1,"symbols_score_info":{"NGD":0.9,"NWY":0.9,"NYRT":0.9}},"isVote":1,"tweetType":1,"viewCount":1002,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}