New York City lost 750,000 payroll and self-employed/independent contractor jobs on average between the months of February and December in 2020. The loss for the entire year was the worst single-year city job decline since the 1930s. The partial rebound since last spring has been called a K-shaped recovery for good reason; many in the bottom half of the economy have lost jobs or earnings and are experiencing severe housing and food insecurity, while most of those in the top half retain their jobs, and many have seen their financial assets rise in value. The city’s underemployment rate is 25 percent. This report examines the Covid-19 economic and employment impact in New York City, including the demographic and industry contours of the job market effects and how the pandemic has exacerbated wage and income inequality.
Read More
Since February, New York City has lost 1.25 million jobs, by far the sharpest job decline since the 1930s. To a greater extent than in previous downturns, the Covid-19-related job losses are heavily concentrated among low-wage workers, hitting persons of color, immigrants, young workers, and less educated workers the hardest. It is likely that the city could end 2020 with 500,000 to 600,000 fewer jobs than at the beginning of the year. Substantial additional federal economic assistance is needed to reduce hardships and spark more and better employment opportunities.
Read More
New York City’s economy is in a more precarious state than at any time since the 1970s fiscal and economic crisis. The current public health and economic crisis far surpasses the personal, psychological, and economic devastation wrought by 9/11, the 2008-09 Great Recession, or Superstorm Sandy. The social distancing public health imperative at present has incapacitated a substantial portion of the city’s economy. Job losses and new unemployment claims that have mounted since the beginning of the pandemic are unprecedented. An estimated 1.2 million New Yorkers (or 27 percent of all private sector workers) will be jobless by the end of April in an environment where businesses have been ordered to close and non-essential personnel told to stay at home. This report identifies the workers and industries that are expected to experience the most profound displacement and economic losses as business closures and social distancing measures demanded by the health crisis continue. The daunting economic challenges New York City faces in the months and years ahead are discussed.
Read More
James Parrott, director of economic and fiscal policies for the Center for New York City Affairs at The New School, partnered with The Century Foundation and its Senior Fellow Andrew Stettner on a new report released yesterday projecting up to 15 million U.S. lost jobs as a result of the coronavirus pandemic, and estimating the value of a key provision in the new Senate stimulus bill regarding unemployment insurance benefits.
Read More