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DiNapoli: Employment Among Mothers in NYC Improves, But Unemployment Remains Higher Than Pre-Pandemic Levels

The unemployment rate for mothers in New York City has improved but it remains higher than it was prior to the pandemic, according to a report released today by New York State Comptroller Thomas P. DiNapoli. The report also found that 5.7% of city moms in the workforce were unemployed in 2022 compared to 3.4% nationally. Black mothers in the city are the hardest hit, facing an unemployment rate of 9%.

Annual Update: Metropolitan Transportation Authority’s Debt Profile, May 2023

Escalating debt service costs have long been a source of financial pressure at the MTA. The pandemic exacerbated these pressures causing ridership to drop and tax revenues to dry up. However, new sources of recurring revenue in the enacted State budget and other aid give the MTA an opportunity to ease the pressure that growing debt places on its operations and to stabilize its future finances.

NYC Health + Hospitals: Nurse Staffing Trends

The COVID-19 pandemic exacerbated pre-existing staffing pressures, particularly a shortage of staff nurses, in NYC Health + Hospitals (H+H) facilities, leading to an increased reliance on temporary nurses and higher staffing costs. This report includes a trend analysis of nurses in New York City and the rest of the State, challenges to hire more staff nurses nationwide and the experience of H+H nurse staffing during this time.

State Comptroller Thomas P. DiNapoli Statement on New York City Mayor’s Proposed Executive Budget

New York State Comptroller Thomas P. DiNapoli released the following statement on Mayor Adams' executive budget for Fiscal Year (FY) 2024:

“The city has laid its fiscal cards on the table, including budget risks my office has raised in recent years. The mayor’s executive budget provides a more transparent accounting for new costs associated with collective bargaining wage increases and asylum seekers. It also shows stronger than projected city revenues and additional savings from the Program to Eliminate the Gap (PEG).

NYC Taxable Sales and Purchases: Resilient Amid Economic Uncertainty

As New York City’s overall taxable sales begin to normalize from their pandemic-fueled levels, various economic sectors, most notably leisure and hospitality, continue to recover their pandemic declines. As national retail sales growth slows from its double-digit pace of 2021, City retail sales and associated revenues could see a return to historical growth rates following the next two fiscal years.

DiNapoli: NYC Sales Tax Collections Strong Due to Tourism and Commuter Return, Fueling Statewide Strength

New York City’s taxable sales grew by 18.1% in the first three quarters of the latest sales tax year (STY, March 2022 to February 2023), with leisure and hospitality sales on track to exceed pre-pandemic levels, according to a report released today by State Comptroller Thomas P. DiNapoli.

2022 Wall Street Bonuses

Wall Street’s 2022 average bonus paid to securities employees dropped to $176,700, a 26% decline from the previous year’s $240,400. Rising interest rates and fear of a recession led to significantly less profits on Wall Street after a record year in 2021.

DiNapoli: Wall Street 2022 Bonuses Fell 26% From Previous Year, Return to Pre-Pandemic Levels

Wall Street’s 2022 average bonus paid to securities employees dropped to $176,700, a 26% decline from the previous year’s $240,400, according to New York State Comptroller Thomas P. DiNapoli’s annual estimate. Rising interest rates and fear of a recession led to significantly less profits on Wall Street after a record year in 2021. As a result, bonuses returned to pre-pandemic levels, which will mean a decline in related income tax revenue, as anticipated by New York state and the city.

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