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The Tri-State Region’s Recovery from the Pandemic Recession Three Years On
The tri-state region’s economy was hit especially hard by the pandemic, but three years on, is close to recovering the jobs that were lost. Indeed, employment initially fell by 20 percent in New York City as the pandemic took hold, a significantly sharper decline than for the nation as a whole, and the rest of the region experienced similar declines, creating a much larger hole than in other parts of the country. Three years later, the recovery has been uneven: Recent job growth has been particularly strong in New York City, where employment remains just slightly below pre-pandemic levels, ...
“Great Resignations” Are Common During Fast Recoveries
The record percentage of workers who are quitting their jobs, known as the “Great Resignation,” is not a shift in worker attitudes in the wake of the pandemic. Evidence on which workers are quitting suggests that it reflects the strong rebound of the demand for younger and less-educated workers. Historical data on quits in manufacturing suggest that the current wave is not unusual. Waves of job quits have occurred during all fast recoveries in the postwar period.