New York-area hotel workers are on track to lose jobs at least 5,300 jobs during the 2019 fiscal year, according to the National Association of Realtors.
The number of hotel-related positions is set to fall in the fourth quarter of 2019, the organization said in a report released Tuesday.
It did not provide an estimate for the number of positions at hotels and motels that will also be impacted by the decline.
The industry is expected to shed 4,500 jobs in 2019, a number that will be below the 4,000 forecast for the first three quarters of 2019.
The NAIRU said that while job losses will be felt most strongly in hospitality, the job losses are also expected to be felt in the financial and administrative support sector.
The decline in the number, though, is not expected to lead to any significant job losses in hotel services.
The organization said the job declines will result in a loss of $7 billion to $8 billion in 2019 from the hotel industry, though the impact will be lessened by a large drop in the cost of hotel services, as well as the cost savings that come with the decline in payroll costs.
The overall unemployment rate will be 2.6% in 2019 and the overall jobless rate is expected be 2%.NAIRU Vice President for Housing and Community Affairs Jim Pomerantz said the NAIRu report was a snapshot of what is expected, but the overall situation remains bleak.
“We have a lot of vacancies that are being filled and we have a need for more people,” Pomerant said.
“So, as long as we keep adding more people, the overall unemployment is going to be a very, very low number.
It’s still too low.”