FAST FIVE: The Economic Implications Of The US Urban Exodus

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At the same time, increased adoption of hybrid work and remote work have shifted the geographic location of demand for food and other services.

But this labor market recovery has been marked by substantial geographical variation.

Indeed, BofA finds that aggregate private payrolls in the urban counties are down 3.8% from the pre-pandemic level in 2019 Q4 (Exhibit 1).

More densely populated city centers like NY and SF are seeing a much slower recovery as compared to less densely populated city centers like Houston and Dallas.

This should help in resolving the geographical labor demand-supply mismatch.

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