New York City’s Chief Accountant Mark Levine recently pointed out that the unemployment rate among young college graduates in the city has exceeded that of their same-age counterparts without a college degree for the first time in 15 years. This may reflect the impact of Artificial Intelligence (AI) on the local job market. He warned that as white-collar positions in New York City are heavily concentrated, it is crucial to prepare early for the employment impact brought about by AI.
Levine published an article on his personal Substack column on September 24 titled “NYC Is Not Ready for the AI That’s Already Here,” pointing out that job growth in New York City has stalled, with a decrease in job postings for occupations more significantly affected by AI. Notably, among New York City residents aged 22 to 27, the unemployment rate for college graduates has surpassed that of those without a college degree.
These statistics are derived from a report titled “AI and New York City’s Fiscal Future” released by Levine’s office on May 21. The report cited data from the U.S. Bureau of Labor Statistics showing that as of March 2026, the unemployment rate among New York City residents aged 22 to 27 with a college degree was 7.3%, slightly higher than the 7.1% rate for their same-age counterparts without a college degree. This is the first time such a situation has occurred in the past 15 years.
In 2011, the unemployment rate for individuals without a college degree nearly doubled, increasing from 7.3% to 13.6%. Data from the Federal Reserve Bank of New York showed that in 2010, the unemployment rate for recent graduates was 5.9%, while the overall unemployment rate stood at 9.3%.
The report highlighted that white-collar positions in New York City, such as accounting, law, finance, consulting, and design, are susceptible to the impact of AI automation. Although there were no clear signs of large-scale layoffs in New York City at that time, stagnant hiring growth and reduced job postings for some positions may make it more challenging for young professionals entering the workforce to secure employment.
In his article at the end of September, Levine stated that the potential negative impact of AI on New York City is particularly high due to the city’s close association with a significant number of white-collar jobs. He also noted that the impact of AI extends beyond technology companies and may affect city finances and government services.
Levine previously estimated in his May report that if the development of AI leads to significant job losses, New York City could lose about 300,000 job positions and reduce tax revenues by approximately $14 billion. On the other hand, with appropriate measures, AI could potentially create around 52,000 new jobs by 2030.
Levine believes that the New York City government should evaluate early on the impact of AI on the labor market and fiscal revenues in order to prepare for potential unemployment and economic fluctuations that may arise.