Spotlight/economy: An uneven recovery in jobs

But for most segments of the region’s job market, the rebound from the pandemic job losses remains an uphill slog.

More than three years since the pandemic started, the region still has about 2% fewer jobs than it did heading into the pandemic. That is concerning because it has been almost a year since the nation regained all of its lost jobs.

Yet, the local recovery has been uneven. Factory jobs have recovered. We’re ahead in professional and business services jobs, as well as with positions in transportation, warehousing and utilities.

But the rest of the job market is lagging, led by a big reported drop in jobs-related financial activities, along with health care and social assistance. The shortfalls in each of those segments is more than three times bigger than the region’s overall jobs gap.

“It’s not just the jobs, but what jobs are we gaining and what jobs are we losing?” said Fred Floss, a SUNY-Buffalo State University economist. “And what are the salaries surrounding those jobs?”