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New York unemployment not abating, a million jobless workers

EURUSD News by Newsroom on 08:14 July 08, 2020 EST

The city  began a new phase, allowing personal-care services like nail salons and some outdoor recreation to resume. But NY unemployment rate is hovering near 20 percent, a figure unseen since the Great Depression.

What was intended as a “pause” has dragged on so long that for many workers, furloughs are turning into permanent job losses. The  shutdown of the city nearly four months ago threw at least a million people out of work.

The layoffs continued in June as some employers gave up hope of a quick recovery or ran out of the federal aid they were using to maintain their payrolls.

While the national unemployment rate fell to 11.1 percent in June, New York City’s rate reached 18.3 percent in May, the highest level in the 44 years that such data has been collected, unemployment is estimated to have reached 25 percent In the Depression.

Officially, about 670,000 city residents were out of work in May. But the real number is higher because many unemployed people, like undocumented workers, do not fit the government’s definition of unemployed.

Residents of the city have filed nearly 1.4 million new claims for unemployment benefits over the 15-week period since the pandemic began. And the flood of claims is not abating: In the week that ended June 27, the number of new claims filed rose in popular boroughs.