The number of jobs in New York State increased in August at a slightly slower pace than in July, and were boosted by the start of hiring for the 2020 census. The New York State Department of Labor reported that employment statewide increased by 153,300 (seasonally adjusted) in August following an increase of 161,000 in July; Federal government employment in the state in August rose nearly 21,000.  The state’s job count is now about 14% below its pre-COVID-19 peak in February.  The increase in employment nationwide in August also slowed from July, the total boosted as well by census hiring; employment nationwide is now about 7.5% below its pre-COVID-19 peak.   The U.S. Bureau of Labor Statistics reported that employment in New York City was up by 108,000 in August, above the 42,400 job gain in July.  Employment in the city is now roughly 15% below its pre-COVID-19 peak.

The unemployment picture in New York improved significantly in August.  New York State’s unemployment rate fell more than three percentage points from July to 12.5%. The state’s rate is above the 8.4% unemployment rate nationwide. In New York City, the unemployment rate fell to 16.0% in August from 19.9% in July.

The New York State Department of Labor reported filings of initial claims for Unemployment Insurance in the state totaled 71,641 during the week ending September 19, above the previous week’s filings and up from the prior four-week average of 64,102. More than 3.8 million workers in New York have filed an initial claim for Unemployment Insurance since the start of the COVID-19 pandemic. In New York City, filings of initial claims for Unemployment Insurance totaled 41,463 during the week ending September 19, also above the previous week’s filings and up from the prior four-week average of 35,662.

The number of jobs in New York State increased in July but at a slower pace than in June, and the statewide unemployment rate ticked up.  The New York State Department of Labor reported that employment statewide increased by 176,600 (seasonally adjusted) in July following an increase of 274,000 in June.  Employment statewide is still 15% below its pre-COVID-19 peak in February.  The increase in employment nationwide also slowed in July, though total employment is now about 9% below its pre-COVID-19 peak.   The U.S. Bureau of Labor Statistics reported that employment in New York City was up by 56,000 in July following a gain of 101,000 in June.  Employment in the city is now roughly 17% below its pre-COVID-19 peak.   

Despite the reported increase in jobs, New York State’s unemployment rate rose modestly to 15.9% in July from 15.6% in June.  The state’s rate is above the 10.2% unemployment rate nationwide.  The rise in the state’s unemployment rate can be partially explained by an increase in the state’s labor force in July of more than 200,000.  In New York City, the unemployment rate fell to 19.8% in July from 20.2% in June. 

The New York State Department of Labor reported filings of initial claims for Unemployment Insurance in the state totaled 63,178 during the week ending August 15, moderately above the previous week’s filings but down from the July weekly average of roughly 88.000.   In New York City, filings of initial claims for Unemployment Insurance totaled 33,591 during the week ending August 15, also above the previous week but down from the July weekly average of roughly 45,000. 

By Jim Orr,

The New York State Department of Labor reported that employment statewide increased by 98,000 (seasonally adjusted) in May, a recovery of about 5.0 % of the nearly 2 million jobs lost in the March/April period.  This gain was below the nationwide recovery in May of about 11.0 % of the jobs lost.  The bulk of May’s job gains in the state occurred outside of New York City: The U.S. Bureau of Labor Statistics reported that employment in the city was up by 6,000 in May, after having fallen by 944,000 in March/April.

New York State’s unemployment rate fell to 14.5% in May from 15.3% in April.  The state’s rate was moderately above the 13.3% unemployment rate nationwide in May.  The unemployment rate in New York City rose to 18.3% in May from 15.0% in April. 

The New York State Department of Labor reported filings of initial claims for Unemployment Insurance in the state totaled 97,000 during the week ending June 13; one month ago (the week ending May 16) new filings totaled 229,000.  In New York City, filings of initial claims for Unemployment Insurance totaled 50,000 during the week ending June 13; one month ago the number of new filings was more than 116,000. 

By Fotis Siokis,

As a great leap of solidarity, the European Commission unveiled on Wednesday, May 27^th, the “Next Generation EU” recovery fund plan equal to  $ 825 billion (€750 billion).  Of this amount, nearly $ 550 billion will be in the form of grants and the rest will be made up of loans. The funds would be disbursed to 27 EU countries, through an application process, in order to help and whether the recession caused by the pandemic.  European Commission will raise the fund by borrowing from the financial markets with very favorable terms since it enjoys a AAA credit rating. Next Generation EU plan will be included in the long-term EU budget, increasing the total for the 2021-2027 period to €1.85 trillion.

“Europe’s moment: Repair and prepare for the next generation.” Read more in the European Commission website. 

“European Union Plans $2 Trillion Coronavirus Response Effort.” Read more in the WSJ website. 

By Jim Orr,

The New York State Department of Labor reported a (seasonally adjusted) loss of 1.83 million jobs statewide in April, a year-over-year decline of 19.4%.  This decline exceeds the 12.9% job loss nationwide in April reflecting the much stronger impact of COVID-19 in New York.  Combining the job losses in March and April brings the state’s total jobs decline to over 20%.     About one-third of the job losses in April were in the Leisure & Hospitality sector, particularly in Accommodation and Food Service, followed by significant losses in Trade, Transportation and Utilities, especially Retail Trade.    

New York’s unemployment rate rose to 14.5% in April from 4.1% in March, roughly matching the nation’s unemployment rate.  The New York State Department of Labor reports weekly filings of initial claims for Unemployment Insurance continue to run above 200,000.  During the week ending May 16 initial claims totaled 229,562, and the cumulative number of claims filed since the onset of COVID-19 (week ending March 14) is now 2.27 million.   

In New York City, the U.S. Bureau of Labor Statistics reported that employment decreased by 860,000 in April, a decline of 19.2%, similar to the share of job losses statewide.  The combined March and April job losses in the city bring the total decline to over 20%.  The city’s unemployment rate rose to 14.2% in April from 4.1% in March.  The New York State Department of Labor reports 116,000 initial claims for Unemployment Insurance were filed in New York City in the week ending May 16.  The cumulative number of initial claims filed in the city since the onset of COVID-19 is 1.05 million.    

The New York State Department of Labor reported a (seasonally adjusted) loss of 41,700 jobs statewide in March, a decline of 0.4% over the month and in line with the nationwide decline of 0.5%.  The Department notes that the reference period for collecting the data occurred before the many coronavirus-related business and school closures.  Therefore, all of the March job losses are not fully reflected in this figure. 

The New York State Department of Labor reports initial claims for Unemployment Insurance filed statewide during the week ending April 18 totaled 207,000, well beyond the weekly average of 15,000 claims filed prior to the increase as a result of COVID-19 (week ending March 14) though just a little more than half of the claims filed last week.  All industries in the state reported an increase in initial claims in the latest week over last year.  The cumulative number of COVID-19-related claims for Unemployment Insurance filed in the state reached 1.4 million.  The largest number of cumulative claims (well above their shares of employment) were filed in the service-oriented Accommodation and Food Service, Health Care and Social Assistance, and Retail Trade industries, and also Construction.  Relatively less claims have been filed in the office-intensive Information, Finance, and Professional, Scientific and Technical Services industries.

In New York City, the U.S. Bureau of Labor Statistics reported that employment decreased by 26,900 in March, a decline of 0.6% over the month.  The New York State Department of Labor reports 103,000 initial claims for Unemployment Insurance were filed in New York City in the week ending April 18.  The cumulative number of initial claims filed in the city since the week ending March 14 is 625,000.    

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