Unemployment Claims Fall

Although the city’s unemployment index experienced significant setbacks last week, the index

bounced back to only 24% above pre-pandemic levels as of Sept. 4, down from 42% the week

prior, marking near all-time pandemic lows. It was also the second time the index achieved a

score above 80 since the onset of the pandemic. If the unemployment index can continue to fend

off the impacts of rising COVID-19 hospitalizations and pandemic-related restrictions, a full

recovery could be on the horizon this fall.

Home Sales Drop

The city’s home buying market is still running higher than pre-pandemic levels, however, the

home sales index fell by 11 points as of Sept. 4 due to a sizable decline of 56 fewer home sales

this week, for a total of 496, compared to 327 for the same week in 2019. Sales in Manhattan are

up 62% compared to 2019 levels, while Brooklyn is up 56.3%, and sales in Queens are up

48.6%.

Rental Market Effectively Recovered

New York City’s rental index rebounded from last week’s temporary lows as of Sept. 4, to settle

at a score of 94. After nearly two months of index readings in the 90s, the rental market has

stabilized near a full recovery from the COVID-19 pandemic shock. However, the measure could

fade as the market’s seasonal highs come to an end going into October.