Getting New York economy back on track will be ‘tough’: Business leader
Partnership for NYC CEO Kathryn Wylde argues it will be challenging for New York City to recover with only 15 percent of its workers back in the office and a crisis in local neighborhood economies.
Kathryn Wylde, Partnership For NYC President & CEO said getting the New York economy back on track will be “tough” as restaurants in the city are set to reopen Friday at 25% capacity.
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During an appearance on “Mornings With Maria”, Wylde said that despite only 15% of the workforce being back in the office and the rollout of vaccines from Pfizer and Johnson & Johnson being promising indicators of future growth, the local economy is in danger.
“Wall Street, the financial firms, media, tech have done a great job of keeping our economy running remotely,” Wylde said Thursday. “But, when it comes to our local neighborhood economies, we’re in trouble.”
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Wylde stated that leadership is one of the things required to help the economy and that “class-warfare” in New York’s political scene has made it difficult to unite workers from both small and large businesses.
“Hopefully our next mayor will be looking to unite us, not divide us,” Wylde said.
The business leader added that the city needs “clear” and “selective” plans, citing concerning statistics of half a million permanently lost jobs and nearly 2 million people unemployed.
Employment in the food services, restaurant, and beverage industry decreased by 43% year-to-year -from 324,500 in December 2019 to 183,800 in December of 2020.
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The industry lost nearly 12,0000 jobs in December compared to November when Gov. Andrew Cuomo reinstated a ban on indoor dining.
The hospitality sector that includes hotels and arts and venues lost 366,600 jobs across the state – 39% of the total.
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Cuomo’s economic forecast report released alongside his yearly budget plan revealed that New York will not likely recover the entirety of jobs they lost during the pandemic until 2025.
The New York Post contributed to this report.
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