April was bad for the economy.
The extent of the damage done by the Coronavirus Pandemic was noted on Thursday, as the state’s unemployment rate hit 14.5 percent.
The Department of Labor released that information, outlining the stunning fallout from the pandemic.
It pointed to a loss of 20 percent in the private sector, and while New York State currently has an unemployment rate slightly lower than the rest of the U.S. – the long-term implications could be devastating.
In just one month – unemployment spiked by more than 10 percent. That rapid increase in unemployment has put strain on the unemployment system. Thousands of people are still waiting for benefits.
The number of private sector jobs in the state decreased by 1,764,600 or 21.4 percent. The number of people who became unemployed increased by 931,600 while the number of people working dropped by 307,600. Both of these figures represent historic highs.