New York’s job market won’t recover until 2025 according to the state government

New York, USA.- The New York governorate’s $ 1.9 trillion budget plan envisions a somewhat dismal outlook for the current economy in the short and medium term, since according to the forecast the labor market will not recover until 2025 .

The report from the Economic Revenues and Outlook group shows that there will be a long way to go before New York reaches the level of employment it had before the Coronavirus pandemic. The report cites that, with a colder climate, many people do not consider outdoor restaurants as a consumption option and this directly affects one of the pillars of the city’s workforce, which is the food industry.

With the increase in infections in the 5 boroughs of the city, a greater number of businesses are expected to close their doors in the face of the increase in the spread of the virus in the harsh winter of New York City, the state economy depends heavily measure of job creation at the local level. Currently the occupancy rate is 12.2% below February 2020, before the pandemic.

The loss of jobs is mainly found in those individuals who earned less than $ 40,000 thousand dollars a year, which are represented in the retail, restaurant and hospitality sectors. The city recovered only 39% of the jobs lost during the first wave of COVID-19 compared to Long Island and Westchester counties where it has recovered almost 60%. At this time, it is estimated that job growth in the state will increase by 5.4% in 2021.

Governor Andrew Cuomo has required the new federal administration to deliver $ 15 billion in federal aid to New York State before facing a financial collapse. This is an urgent priority for the state government, since, if they do not get the expected help, they will be forced to cut funds for essential services such as education, medical care and social services.

–