First half of 2025, only 956 private-sector jobs added.
Same period in 2024, 66,000 private-sector jobs were added.
Other large cities showing similar trends.
NYT: New York City Companies All but Stopped Hiring in First Half of the Year
Fewer than 1,000 private-sector jobs were added, the slowest growth in the labor market outside a recession and the pandemic since 2003.
Employers in New York City significantly reduced hiring in the first half of the year, adding just 956 private-sector jobs, the city’s slowest growth in payrolls outside a recession in decades.
During the same period last year, companies in the city hired 66,000 additional workers, according to data from the city’s Office of Management and Budget. But companies have since slowed their hiring, and major industries that fuel New York’s economy — finance and insurance; hospitality; and retail — have shed jobs.
Around the country, the labor market has started showing cracks as the effects of President Trump’s economic policies begin to settle in. Other large cities have also seen sluggish job growth, with metro areas like Los Angeles, San Francisco and San Jose all losing a small number of jobs so far this year.
“The New York City economy has gone sideways so far this year,” said Mark Zandi, the chief economist of Moody’s Analytics. “New York is a leading indicator, and the flattening of employment is now showing up nationally.”