NEW YORK, NY – Layoffs in multiple sectors of the New York economy are taking their toll on the state’s unemployment figures. This week, the number of unemployment claims in the state increased by 117.91% over last week.
According to data analyzed by Wallet Hub, New York’s jump was the 2nd biggest increase in the United States this week.
According to WalletHub, “The U.S. has reduced unemployment from record highs during the COVID-19 pandemic back to historic lows. However, high inflation and the looming threat of a recession could cause unemployment claims to spike once more.”
Unemployment is on the rise nationwide. It’s not just a New York problem.
“In fact, the job market has faltered recently, with new unemployment claims increasing by 11.1% week-over-week on February 27. There are currently 5.7 million Americans unemployed in total, and it’s important to look at some key stats for the latest week to get the full picture,” WalletHub said in their report.
New York unemployment facts:
- Weekly unemployment claims in New York increased by 117.91% compared to the previous week. This was the 2nd biggest increase in the U.S.
- Weekly unemployment claims in New York were 2.85% higher than in the same week last year. This was the 22nd smallest increase in the U.S.
- Weekly unemployment claims in New York were 4715.45% higher than in the same week pre-pandemic (2019). This was the biggest increase in the U.S.
- Unemployment Insurance Initial Claims per 100,000 People in Labor Force in New York: 316
Read the full WalletHub report here.