One of the benefits of LIA membership is receiving a monthly economic report from LIA Chief Economist Dr. John Rizzo, who provides an in-depth analysis on job growth, consumer confidence, hiring trends, inflation, the real estate market, and more, to help guide future business policies.
November 2021 Economic Report
Here are the major findings of the November 2021 Economic Report issued by Dr. John Rizzo to LIA members.
If you are LIA membership, please contact Dave Fattizzo, Director of Membership, at Dfattizzo@longislandassociation.org
Labor shortages remain a major challenge to continued growth. A low September unemployment rate of 4.2 percent reflected people exiting the labor force, with labor force participation the lowest since September 2003.
While the manufacturing and service sectors continue to expand, the rate of growth has declined. Additionally, business leaders and consumers have grown more pessimistic about current economic conditions.
The torrid housing market may finally be cooling off a bit. September home sales declined after months of double-digit gains.
Despite growing pessimism, consumer spending on Long Island continued to rise. As suggested by sales tax collections, September spending increased by 6.7 percent year-over-year in Nassau County and by 3.6 percent in Suffolk. Moreover, these levels far exceeded pre-pandemic sales taxes collections (compared to September 2019).