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!

---

👉👉👉Reminder to sign up for the Weekly Recap only, if daily emails is too much. Find me on twitter, for more fun. 

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: