Good News for CRE: NYC Hits Record Low in Unemployment

Ken McCarthy, principal economist, Cushman & Wakefield

NEW YORK CITY—Using seasonally-adjusted data, New York City has added 21,000 private sector jobs in February 2018, with average weekly earnings up 1.3%, adjusted for inflation, from February of last year.

Looking at the last decade, Cushman & Wakefield principal economist Ken McCarthy tells GlobeSt.com. “It has been an extraordinary period of growth for New York City, which has added more jobs faster than any period in its history. It has been a remarkable performance since the expansion began.” Considering New York was the financial capital, it bounced back with surprising resiliency, demonstrating an impressive performance dating back to 2008, says McCarthy.