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.