New York hammered by large-scale layoffs, prompting major concern about future

Some alarming statistics jump out of a new profile on the business and employment landscape in New York – as large-scale layoffs surpass previous multi-year totals.

Low wage jobs – like restaurant and retail industries – have seen a decline of 21%. Economic Tracker shows that low-wage jobs – those that include salaries of less than $27,000 have declined by more than 20%. While jobs that include salaries of more than $60,000 have only declined by 4%.

First time jobless claims are hovering between 60,000 and 70,000. That’s where the data point has sat since late-summer.

The total number of WARN notices, or filings that are required by law if a large number of employees are going to be subject to layoff – has surpassed the collective total of the last six years.

And the situation could be worsening for job-seekers as fall and winter arrive with COVID-19 spiking across the country. All of the added unemployment benefits that existed during the spring and summer when millions were filing for unemployment have dried up.

The state is facing a massive budget crisis of its own, so it will be left to the federal government to supplement unemployment benefits moving forward as more businesses are forced to downsize or shut down.

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