Workers in New York, the state that initially saw the most devastating effects from the domestic coronavirus outbreak – are still struggling to regain their financial footing in a local economy that appears slow to recover.
Continue Reading Below
Fifty-three percent of New Yorkers 18 and older live in households that have reported a loss of employment income since mid-March, according to recently released data from the state Comptroller’s Office. That is five percentage points higher than the national average.
An additional 37 percent of people said they anticipated either they or another person in their household would lose job income during the coming months.
As a result of income losses, 44 percent of people said they had delayed medical care, while 27 percent of people said they either missed last month’s housing payment, or may miss the next one.
Between February and May, New York City lost 20 percent of its jobs, which is equal to about 937,000 positions.
And when it comes to the outlook among local businesses, 44 percent said they expected a “return to normal” would take more than six months, and an additional 12 percent said conditions would never return to normal.
The broader economy began to show some signs of strength in May and June when more than 7 million jobs were created, but data from New York showed its economy was still suffering.
New York City leaders reported that the local unemployment rate increased in May to 18.3 percent, and more than 900,000 fewer local residents were working in May compared to February. That includes about 380,000 people who have dropped out of the workforce altogether.