Economic Trends & Policy

Factsheet: Expiration of CARES Act Unemployment Benefits Will Harm New Yorkers and the Economy

Unemployment claims for the weeks ending December 5 and 12, 2020, are 23 percent higher than claims from the two prior weeks, November 21 and 28. Unemployment in New York State remains historically high, with initial claims for the week of December 12 rising by as much as 400 and 500 percent in some counties. The remaining enhanced unemployment insurance (UI) programs established under the CARES Act will expire on December 26, 2020.   Over 1 million New Yorkers will lose benefits when Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC) expire.   These programs help workers who [...]

2020-12-30T09:42:54-05:00December 18th, 2020|Employment, Unemployment & Job Quality, Fact Sheets|

Cuts to Employment in the State and Local Public Sector will Disproportionately Harm Women and Black Workers

Governor Cuomo supports reducing state spending citing revenue shortfalls that have been fueled by the economic recession that followed the COVID-19 pandemic. Reduced or eliminated state funding could mean losing public sector jobs that employ workers in communities statewide. This loss would disproportionately impact women and Black workers who constitute the majority of public sector employees.  Historically, the public sector has been an essential employer for women and people of color. Public sector employment has offered a stable path into the middle class with regulated [...]

2020-12-30T09:45:19-05:00December 18th, 2020|Blog, Employment, Unemployment & Job Quality|

What Does the December Jobs Report Mean for New Yorkers?

December 2020 The monthly jobs report from the U.S. Department of Labor reflected the pandemic’s continuing impact on the job market and the economy. A triad of trouble included job growth remaining slow for the fifth straight month, employers scaling back hiring last month, and a stubbornly high unemployment rate of 6.7%, a slight decrease from October’s 6.9%  New York State’s latest jobs report won’t be released until the end of December but looking at the last available report from October makes evident our state follows the same trend [...]

2020-12-30T09:46:32-05:00December 4th, 2020|Blog, Employment, Unemployment & Job Quality|

Holiday Season Underscores the New Yorkers’ Need for Support as Pandemic Deepens Inequity

Read the report:  The Pandemic Recession: Hitting Immigrants and People of Color Hardest  (Albany, NY) — The holiday season is beginning in our state as never before with a second COVID wave bearing down on the health and financial stability of New Yorkers. While the COVID-19 is a threat to us all, immigrants and people of color are by far hit the hardest. And undocumented immigrants may be hit harder still since they are concentrated in several of the industries that have seen the biggest employment decline.  “New Yorkers across the board are struggling to stay healthy, educate our children, and deal with financial insecurity of [...]

NYC Labor Market Took a Hard, Sustained Hit from the Pandemic

New York City Residents were hit harder and longer by the pandemic than those in the rest of the state. While both the city and the state have shown job gains since May 2020, the rebound has been modest. The road to recovery is long. Looking at the Employment to Population ratio (EPOP), we can see both are doing worse than during the Great Recession when the New York state EPOP never dropped below 57.7 percent and averaged 59.3 percent over the whole period. The [...]

2020-12-30T09:50:13-05:00November 10th, 2020|Blog, Economic Outlook|

Medicaid Cuts Would Put 554,000 Essential Workers in New York at Risk

October 14, 2020 Many of New York’s “essential workers,” people working in jobs deemed necessary throughout the COVID pandemic, rely on Medicaid for their own health care. They risk severe hardship if federal policymakers fail to provide appropriate increases in Medicaid funding or weaken protections for program enrollees, according to a new analysis from the Center on Budget and Policy Priorities. In New York State over half a million, 554,000, essential workers rely on Medicaid. The economic fallout from the COVID-19 pandemic led to a [...]

Pandemic Economics Demand A Diverse Response

October 14, 2020 In light of New Jersey's adoption of a millionaires tax to help fill a statewide revenue hole caused by the coronavirus, many asked what about New York? Like New Jersey, New York was hard hit by the pandemic, and its economy continues to suffer. Like New Jersey, New York has historic fiscal problems with a budget shortage of $14.5 billion this year, and in the tens of billions of dollars over the next several years. Like New Jersey, we continue to wait on the federal government [...]

Congress Must Agree on COVID Relief Package in the Next Week

The coronavirus pandemic has hurt us all. It has harmed our physical and mental health and economic well-being. As of September 24, 2020, COVID-19 has sickened over 7.2 million Americans and killed more than 207,000. The pandemic has harmed our economy, causing large-scale business shutdowns, which were ordered to protect public health. Tens of millions of Americans lost their jobs and incomes because of the pandemic, resulting in record-high unemployment rates and a rising need for services in New York State and beyond. Initially, job [...]

2020-12-30T09:54:58-05:00September 28th, 2020|Blog, Employment, Unemployment & Job Quality|

Over 40% of New Yorkers Uncounted as Feds Call for Early Halt to 2020 Census

8/4/2020 On Monday, August 3, 2020, the Census Bureau issued a statement, confirming reports that it plans for all 2020 census counting efforts to be cut four weeks short of what was expected. This is the federal administration’s latest attempt to inject an element of chaos and intimidation into what should be a unifying and democratic process. In April, the Census Bureau asked all households to respond to its 10-question survey either online or by mail. For those who did not respond, there has been [...]

2020-12-30T10:00:11-05:00August 7th, 2020|Blog, Economic Outlook, Good Governance|

New York Must Act Now to Support Excluded Workers

Workers and families left without support for months   Read the full report: Unemployment Compensation for Excluded Workers: Helping New Yorkers, Boosting the Local Economy (Albany, NY) State unemployment benefits were expanded in significant ways for most New Yorkers who lost their jobs during the pandemic. However, tens of thousands of New York workers and their families were left adrift without federal or state assistance. The Fiscal Policy Institute’s new report shows that our state can act to create and fund a system to support these workers.  [...]

Second Round of Economic Impact Payments Needed

Millions of New Yorkers remain unemployed due to COVID-19. With federal assistance set to end in July, the situation is dire as these payments were used to cover basic essentials for workers and their families - and those who were excluded from CARES Act support and state unemployment assistance continue to struggle. The facts are stark. "Over 9.3 million New Yorkers—48 percent of the state’s population—received Economic Impact Payments (EIP) totaling over $15 billion by May 22, 2020. Undocumented immigrants, as well as married couples [...]

2020-12-30T10:02:38-05:00July 27th, 2020|Blog, Economic Outlook|

Unemployed Workers Set to Lose Federal Pandemic Unemployment Compensation

Unemployed New Yorkers are scheduled to receive their final Federal Pandemic Unemployment Compensation (FPUC) checks on July 26, 2020. FPUC was enacted as part of the CARES Act and the legislation set FPUC’s expiration for the end of July. The unemployment insurance (UI) expansions included in the CARES Act were quick and appropriate responses to the economic fallout of the coronavirus pandemic. The expansions were intended to help tens of millions of workers across the nation who were laid off due to mandatory business shutdowns [...]

New York State Unemployment Fact Sheet for June

New York State’s average unemployment rate for April and May 2020 stood at 14.9 percent. For the same time period last year, the average unemployment rate was 3.8 percent. In the 12 weeks between March 10 and May 30, 2020, New York State processed over 2.4 million unemployment claims, which is more than 12 percent of the state’s population. Unemployment claims have slowed in recent weeks, but many New Yorkers remain unemployed. As of June 13, the five most racially and ethnically diverse industries have also [...]

The Fiscal Policy Institute’s Three-Point Plan for Re-Building New York

 May 27, 2020. The Fiscal Policy Institute today warned state legislators and the governor that New York’s financial and social woes will only worsen if they attempt to return to an austerity budget model. The pandemic's public health crisis and subsequent economic downturn deepened an existing budget shortfall and with the deficit projected to be at least $13 billion, the state faces an extraordinary fiscal challenge. There is no simple solution to this crisis which will require bold innovation from our state leadership.  Read the Policy Paper: Minimizing Risks While Maximizing Our State's Potential [...]

2021-02-01T15:29:40-05:00June 15th, 2020|Blog, Economic Outlook, Must Read|

New York’s Public Sector Workforce Threatened by Lack of Federal Aid

New York’s public sector workforce is comprised of many of our state’s essential workers: nurses, teachers, firefighters, personal care aides, childcare workers, and more. In total, 24 major occupational groups – defined as having 10,000 or more workers – are part of the sector. A recent economic news release from BLS indicates that over 100,000 public sector workers in New York were laid off from their jobs between February and May of 2020 due to the Coronavirus pandemic and declining state revenues. Characteristics of New [...]

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