And finally, here’s what Joe's interested in this morning
Big U.S. cities are struggling right now, but there's a particular amount of focus on the future of New York City and whether this crisis will catalyze a longer-lasting deterioration.
Here's a simple chart I put together to track NYC's economic recovery. The blue line is total MTA turnstile entries, so a decent proxy for how much people are going about their old, normal lives and confident enough to use public transport. As you can see, it's up from the depths in April, but at around 1.5 million per day, it's nowhere close to the old levels. Same goes for dining, the red line. At least per OpenTable, seated dining is still down around 80% on a year-on-year basis. And finally, the green line is shares of the big Manhattan office REIT SL Green. It's a nice way to see how investors are perceiving the health of commercial real estate in the city.
Here's a simple chart I put together to track NYC's economic recovery. The blue line is total MTA turnstile entries, so a decent proxy for how much people are going about their old, normal lives and confident enough to use public transport. As you can see, it's up from the depths in April, but at around 1.5 million per day, it's nowhere close to the old levels. Same goes for dining, the red line. At least per OpenTable, seated dining is still down around 80% on a year-on-year basis. And finally, the green line is shares of the big Manhattan office REIT SL Green. It's a nice way to see how investors are perceiving the health of commercial real estate in the city.
I'll keep updating this from time to time, but for now this seems like a decent way to get a snapshot of where the city's at. Note that each line is the 10-day moving average of each in order to smooth out the noise and see the trends better.
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