'The numbers are very alarming': how the COVID-19 pandemic has affected the labor market in New York

For more than four months, New York continues to feel the effects of the pandemic. Quarantines have put many out of work, and the economy has suffered massive damage, as sobering new data from the Department of Labor show. The details are shared by the publication New York Post.

The unemployment rate in New York State in July was 15,9% - three tenths of a percent higher than it was in June.

The unemployment rate in New York City, where Mayor Bill de Blasio said there are no plans to reopen indoor cafés and restaurants, was 20%, or one in five workers. More than half of the 300 restaurant workers are currently out of work.

The unemployment rate in the Bronx was 24,9% - or one in four workers. This is the worst rate in the entire state.

Even after the partial launch of the New York economy, the Empire State's private sector employment is 1,18 million fewer than it was in July 2019. New York City has 646 fewer jobs today than a year ago. “It's very bad. The numbers are very disturbing, ”said EJ McMahon, an analyst at the Empire Center for Public Policy.

The statewide unemployment rate of 15,9% was well above the national level of 10,2%.

While New York City suffered the highest unemployment rates, the problem spread across the state, with 56 of the 62 counties having double-digit unemployment rates. "It is bad news. Economic recovery is slow. It will be a slow, long fight, ”McMahon said.

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The tourism industry in New York was hit hard by the pandemic, and many hotels are empty. The Broadway theater district is closed and the restaurants are open for dining only.

In July, 244 jobs were created in New York compared to June, an increase of 200%. But that increase also represents only a slowdown in growth from June, when the state added 3,6 jobs, a 296% growth rate, McMahon said.

Как previously wrote ForumDaily New York:

• Due to the spread of the coronavirus, America is virtually closed to the Chinese. Thus, a deadly virus threatened one of the largest industries - tourism.
• It was previously predicted that this quarter unemployment will be 22% with 900 thousand unemployed New Yorkers.
• New York began work on steps to restore the economywhen the coronavirus epidemic subsides, back in late March.
• Preparing for the coronavirus outbreak New York planned to spend $ 40 million.