Even with the number of new Covid-19 cases in New York City receding dramatically, and with many sectors of the local economy continuing to re-open from the months-long pandemic-induced lockdown, unemployment in the city remains distressingly high. Ominously, nearly 50,000 workers a week lost jobs in the city even during the economic recovery months of June and July – a pace of initial unemployment claims four times higher than during the worst of the 2008-09 Great Recession. And the July expiration of the temporary $600 Federal supplemental weekly unemployment insurance benefit will impose deep new hardships on hundreds of thousands of New Yorkers and on the entire city economy.
Drawing on a range of current jobs and income data, this report paints a picture of the pandemic’s persisting economic impact on New York City and State. Among other key report findings:
James A. Parrott is Director of Economic and Fiscal Policies at the Center for New York City Affairs at The New School.
Lina Moe is a research assistant at the Center and a graduate student in economics at the New School for Social Research.
Photo by Matias Campa.
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