How is the city’s economy? We put a number in it

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The data has been critical to New York’s fight against the coronavirus. Mayor Bill de Blasio and Governor Andrew Cuomo publish daily medical statistics showing death rates, hospitalizations and viral test results. Now every New Yorker knows what ‘flatten the curve’ means, and we all know the governor’s bar charts that he ultimately turned into a ‘COVID mountain’. ()“We wanted to be able to track the decline and recovery of New York’s economy the same way we tracked hospital numbers,” said Pat Kiernan, NY1 morning presenter.

In conjunction with the Investopedia financial news website, NY1 will publish a New York City Recovery Index weekly. The first chart, which dates back to January, shows an astonishing visualization of the economic shock that we have all seen anecdotally.

In January and February, when the city was operating normally, the weekly recovery index fluctuated within a narrow range. For three weeks in early March there is a gradual slowdown in the economy, then during the week of March 21 there is a dramatic decline that coincides with the shutdown of most New York City businesses. The index hit its lowest point the week of April 4, coinciding with the peak of the crisis in New York hospitals.

Annika Pergament, NY1 Senior Business Anchor, will use the index each week as a visual tool to tell a story that affects every New Yorker. She describes the painting as “sobering”, but says the index “takes the guesswork out of how the city is recovering. It provides relevant metrics that anyone can follow to see how we are going through this pandemic. ”

In May, Cuomo told reporters, “I don’t think the economy is just bouncing back. I think it bounces, but it bounces differently. The NY1 / Investopedia index will attempt to quantify the factors behind this “different” recovery.

To tell the economic story, Investopedia’s data experts looked at dozens of potential statistical sources. They had to find data points that were relevant for an analysis of the economy, but also publicly accessible, authoritative and published regularly. The components and weight of the index may be revised in the coming months, but for now they include a combination of typical data points, like the unemployment rate, and surprising data points, like bookings. of Open Table restaurants.

Investopeida editor-in-chief Caleb Silver says the index reflects the interdependence of New York’s economic sectors. He says the recovery will ultimately be a “team effort in a city that has been built and battle-tested through challenge after challenge, where its citizens are rising up and continuing to move.”

NY1 and Investopedia will release the Weekly and Monthly Recovery Index, measuring micro and macro data points that illustrate the health of the recovery process. Using a baseline of 100, where 100 reflects the health of New York City’s economy before the pandemic struck at the end of February, the overall Recovery Index score will measure where the city is. is on the road to recovery. To date, New York City’s recovery index is only 23 out of 100, which means the city’s economy is operating at just a quarter of what it was before the pandemic.

A full discussion of the methodology behind the NY1 / Investopedia New York City Economic Recovery Index is available and updated weekly here.

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