Economists say jobless rates in NYC may be reaching historic levels
NEW YORK - Thirty percent.
That’s the level of unemployment some economists think New York City has reached, more than it ever reached in the Great Depression.
The upcoming Jobs Report is expected to show even more Americans unemployed when it is released, with at least seven million Americans now out of work.
The social safety net, with things like food stamps, medicaid and unemployment benefits have lessened the impact of the crisis slightly, but how long this period will last for American works is unknown.
To help get money into the hands of those who are hurting. Governor Andrew Cuomo said that the state is immediately starting to pay the additional $600 per week in unemployment payments that congress recently passed in the rescue bill. He also announced that the period covered by unemployment benefits would be extended to 39 weeks.
Meanwhile, President Donald Trump will come roaring back after the crisis.
“Originally economists were talking about a ‘v-shaped’ recovery, fast down fast up,” said Greg David, a columnist with Crain’s New York Business Magazine. “But more and more of them are talking about a ‘L-shaped’ recovery, which would be like the Great Recession. Down, and then a very slow climb up.”