Riffing on themes
Healthcare in NYC, e-commerce > brick n' mortar, JPM is the greatest fintech, India online, and Office is back!
NYC’s job recovery
ecommerce is swallowing brick n’ mortar
JPM is the greatest fintech
India Online
A pandemic trend rolls over
Office is so back, baby!
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Yesterday’s post on Apollo’s Moonshot was really good, but also pretty long, so today’s post will briefly riff on themes.
Healthcare makes all the jobs, NY edition
FRBNY published a report on changes to the NYC jobs landscape since the pandemic and it’s worth a skim.
In terms of what jumps out, NYC’s employment scene is still below trend:
And to the extent there has been a job recovery, it’s been led, followed, and side-car’ed by healthcare:
That healthcare makes all the jobs (nationally), is a long-running Random Walk theme.
That healthcare makes all the jobs specifically in NYC, has been a long-running subtheme, as well. Or rather, that without “private” home health aides—which are not actually “private”—there would be no job growth in NYC, at all.1
It’s hard to have a recession when the largest secular spending tailwind is paid-for by the national credit card.
It’s still GDP though, if you’re in to that sort of thing.
E-commerce is swallowing Brick n’ Mortar
Well, not exactly “swallowing,” but brick n’ mortar’s share of holiday spending gets smaller every year:
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