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Hochul says economy is ‘fully recovered’ from pandemic, as unemployment claims double in last week

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  • Staff Report 

Governor Kathy Hochul announced New York’s complete economic bounce back from the pandemic’s impact, showcasing a record high of over 8.3 million private-sector jobs, as per the New York State Department of Labor. The data reveals a significant job growth, particularly in sectors such as private education and health services, leisure and hospitality, and professional and business services, contributing to the recovery of approximately 1.9 million jobs since April 2020. This recovery aligns with Hochul’s initiatives aimed at reviving the state’s economy, including a substantial $1 billion Small Business Rescue Plan and a $450 million tourism and job recovery package.

Finger Lakes Partners (Billboard)

The January 2024 report indicated a 0.6% increase in private-sector jobs since December 2023, with notable growth across various regions including Ithaca, Watertown-Fort Drum, Kingston, and Glen Falls. New York City and Long Island also saw significant job increases, underscoring the widespread nature of the economic recovery across the state. The statewide unemployment rate has further decreased to 4.5%, highlighting the positive momentum in New York’s labor market.

Despite the optimistic job growth, the state experienced a rise in unemployment claims last week, indicating ongoing challenges in the labor market. Nevertheless, Governor Hochul remains committed to making New York a leading state for businesses and workers, with ongoing investments in workforce development and support for small businesses and tourism. These efforts are aimed at not only recovering from the pandemic but also ensuring long-term economic growth and stability for New Yorkers.