New York City’s private-sector job market weakened in September as employment losses in finance, information and hospitality added to concerns about rising living costs.
A report released Oct. 22, 2026 by New York City Comptroller Mark Levine found that the city lost 23,000 private-sector jobs in September, following a decline of 7,400 jobs in August.
Finance employment fell by 5,800 jobs in September, while the information sector lost 1,700. Leisure and hospitality employment declined by 7,700 jobs during the month and was down 17,000 over the past year.
Healthcare and social assistance continued to add jobs, providing some support amid broader weakness. However, excluding that sector, New York City’s private-sector employment was down 32,000 jobs over the 12 months ending in September.
The figures reflect a widening gap between national economic growth and conditions facing workers in New York City. U.S. gross domestic product was estimated to have grown by about 3% in the latest quarter, while national private-sector job growth remained weak.
The country added 46,000 private-sector jobs in September, and revisions to July and August figures reduced previously reported employment totals by 70,000.
Rising prices are adding pressure on households. The update reported that New York City inflation reached 4.5% over the past year, while rents increased by more than 5% and energy prices rose by more than 21%. These increases may leave residents with less money for food, transportation and other essential expenses.
Despite the employment slowdown, demand for residential and commercial rental properties remains strong, suggesting that the city continues to attract residents and businesses.
For Brooklyn, that demand presents an uneven picture: continued interest in housing and commercial space alongside mounting affordability concerns.
Employment trends, inflation and rental costs will remain important indicators of the city’s economic direction in the coming months.
The next challenge will be determining whether job losses ease and whether rising household expenses begin to moderate.
