1 in 5 NYC workers will have lost their jobs by the end of June, report says

Maya Rajamani
May 05, 2020 - 4:28 pm

    NEW YORK (1010 WINS) -- More than 900,000 working New York City residents — or one in five working New Yorkers — will have lost their jobs by the end of June, a report released by the city comptroller’s office on Tuesday projects. 

    New York City Comptroller Scott Stringer on Tuesday released his analysis of the city’s Fiscal Year 2020 Executive Budget. The analysis estimates that New York City will have a 22 percent unemployment rate by the end of this quarter. 

    Pre-COVID-19, the quarterly unemployment rate was 3.8 percent; during the Great Recession, it was 10.1 percent, according to the analysis. 

    “We’re facing the deepest recession since the Great Depression, marked by historic and rapid job losses,” Stringer said in a statement. “In a crisis this severe, the federal government must step up and deliver relief to New York — the economic engine for the nation.” 

    “Every year New York taxpayers put more into the federal coffers than New York receives in federal dollars, and it is unacceptable for Congress to be passing the buck — instead of passing robust local aid,” he added. “And as a City, we need to comb through our budget for savings, because every penny counts, and every effort must be made to protect our most vulnerable.” 

    The accomodation and food services sector will be hit the hardest by the COVID-19 pandemic, with 184,300 jobs projected to be lost, followed by retail trade, health care and social assistance, and construction, according to Stringer’s analysis. 

    Stringer analysis
    NYC Comptroller Scott M. Stringer's Office

    Recovery “will depend on how and when social distancing guidelines can be relaxed through a comprehensive testing regimen, and how and when people engage in social and business activity as in the past,” the analysis notes.