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NYC lost 30K private sector jobs in just 2 months as comptroller sounds alarm on 'concerning' trend

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NYC lost 30K private sector jobs in just 2 months as comptroller sounds alarm on 'concerning' trend📷 New York Post Metro
Society10/23 12:54· New York Post Metro38 reads
📰 Original English Reporting · Synced from New York Post Metro

NYC lost 30K private sector jobs in just 2 months as comptroller sounds alarm on 'concerning' trend

New York City’s employment numbers dropped by 23,000 in September after losing 7,400 jobs in August — with gigs in finance and tourism leading the private sector in declines.

The Big Apple’s private sector lost 30,000 jobs in the last two months, according to a troubling new city comptroller report — as struggling business owners lament "the American dream is dying."

Private-sector employment dropped by 23,000 in September after losing 7,400 jobs in August — with gigs in finance and tourism leading the private sector in declines, according to a new report by City Comptroller Mark Levine’s office.

“Despite a relatively strong tourism season, Leisure & Hospitality employment fell 7,700 in September alone and is down 17,000 jobs over the past year,” Levine wrote, calling the figures “concerning” across the board.

The finance sector, one of the state’s biggest tax revenue drivers, shrank by nearly 6,000 positions in September.

Business owners said the grim figures are more than just numbers, detailing how rising costs have forced them to close up shop, leaving New Yorkers without jobs.

"The costs just were so high,” said Sam Musovic, owner of Upper East Side cocktail bar Sojourn Social, who closed another business on West 72nd Street late last year, laying off about 100 workers.

“Produce … we're paying, call it $40 a case, now we're paying $80 a case, the eggs doubled and the rent went higher," he told The Post on Friday.

"I mean, the American dream is kind of dying, unfortunately," said Musovic, who immigrated to the city from Montenegro in Southern Europe and started as a dishwasher.

"This kind of limited dream, you could say."

Greenwich Village restaurant Loring Place announced in July that it was no longer able to shoulder the growing cost burdens and would be permanently shuttering.

"We are just four months shy of our ten-year anniversary, and the truth is simple: rising costs have made this the necessary time to close this chapter," chef and owner Dan Kluger wrote in a social media post .

“Real estate taxes became unbearable, general insurance costs were through the roof after COVID,” he added in an interview with The Post. “Con Ed went from around an average of $8,000 a month to $14,000 plus in the matter of a few years. Health insurance had a 38% increase this year and had already increased to an unsustainable amount.

“Garbage went up… I mean there isn't anything that didn’t and that's reality,” he added, “but when something like Con Ed goes up that much how can you pass that on to the guest?"

Overall, the city’s private sector has lost 32,000 positions over the past year, according to the comptroller’s office report released Thursday.

“After picking up some steam earlier this year, the job market has hit a wall, with private sector employment decelerating nationally and dropping sharply locally,” Levine wrote.

Read Full Original Reporting on New York Post Metro
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