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Riffing on themes
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Riffing on themes

Healthcare in NYC, e-commerce > brick n' mortar, JPM is the greatest fintech, India online, and Office is back!

Moses Sternstein's avatar
Moses Sternstein
Oct 16, 2024
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  • 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:

FRBNY

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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