New York City’s economic recovery index can give you an idea regarding how the American economy is recovering from the Covid-19 pandemic.
What the New York City Index Tells about Economic Recovery
New York City is the economic hub of the United States, and it clearly reflects the state of the country’s economy. It does help to monitor the economic situation of the city for successful online stock trading.
The New York City Recovery Index for the October 31 week recently returned a 52.6 out of 100 score. As reported by Investopedia’s Caleb Silver, this is a slight improvement in the city’s recovery but there’s still a long way to go to get back to where it was before the pandemic. The past week has seen a lesser number of Covid-19 hospitalizations. Unemployment claims have also reduced, while real estate sales have picked up.
COVID-19 Hospitalizations Reduce
The most encouraging factors were the decrease in Covid-19 hospitalizations and unemployment.
- The week’s 7-day average of daily hospitalization cases was 37.
- This was a 27.5% drop from the past week’s figure of 51.
- Reported cases, however, kept rising.
- The city did report an infection rate of 2%, which is the highest percentage in the past 4 months.
- At 14.4%, New York City’s unemployment figures are among the highest in the country.
- But the week posted the third consecutive week of decreasing unemployment claims.
- The figure of 23,239 cases for New York City was lower than the week before by 5,212 cases.
- Despite that improvement, claims have still quadrupled from last year.
- Unemployment has been felt the most in hotels, restaurants and theaters.
These figures show that there still is a long way to go for the economy to get back to how things were before the pandemic. This information can help you plan your trading decisions along with advanced trading platforms.