the staff of the Ridgewood blog
New York NY, according to New York City Comptroller Scott Stringer ,more than 900,000 working New York City residents or one in five working New Yorkers will have lost their jobs by the end of June.
New York City Comptroller Scott Stringer on Tuesday released his analysis of the city’s Fiscal Year 2020 Executive Budget. The analysis estimates that New York City will have a 22 percent unemployment rate by the end of this quarter.
Pre-COVID-19, the quarterly unemployment rate was 3.8 percent; during the Great Recession, it was 10.1 percent, according to the analysis.
“We’re facing the deepest recession since the Great Depression, marked by historic and rapid job losses,” Stringer said in a statement. “In a crisis this severe, the federal government must step up and deliver relief to New York the economic engine for the nation.”