… Many New Yorkers will receive a $600 check per adult and $600 per child, although income limits appear to be under negotiation. “You have to go, you have to wait in line,” she said. NYCEDC works to make New York City’s neighborhoods and economy stronger and more inclusive. Many American cities never recovered their populations after the tribulations of that era; they still launch serial failed experiments to revive long-desolate downtown business districts. Please consider joining us as a member today. If the rules for SNAP were made more flexible, more people could be helped with much less stress, she said. In February, before the pandemic forced the shutdown of the economy, the national unemployment rate was 3.5%. Note: Employment change calculated as last 12 months over previous 12 months. Thanks for contacting us. The federal aid package being negotiated in Washington will offer a modest boost, say economists and those on the front lines of pandemic relief — but will likely less be than half of the $2.2 trillion CARES package passed in the spring. “Ten weeks are not long enough, but it could always be extended.”. For instance, state regulators could give restaurants an extra six months on expiring liquor licenses. After the 2008 financial crisis, by contrast, we lost 206,300 jobs. This story has been shared 122,677 times. Tom Brady's heartwarming moment with Drew Brees' son goes viral, FBI probing if Capitol rioter stole Pelosi's laptop to sell to Russia, © 2021 NYP Holdings, Inc. 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The number of cases is down sharply but the economy … Hiram Alejandro Durán/THE CITY The city’s economic rebound has stalled with looming new pandemic-spurred restrictions threatening to cost tens of thousands of jobs and the need for help — especially emergency food aid — growing. But since the money must be used for payroll, it wouldn’t help restaurants with no indoor dining, David noted. Meanwhile, de Blasio says we’re now looking at a $5.25 billion city budget shortfall. Font Size: Immigration to New York City has slowed, causing experts and city officials to worry about the city’s immigrant dependent economy, the Wall Street Journal reported Tuesday. The economy of New York City encompasses the largest municipal and regional economy in the United States.Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center. The result is that surprisingly strong income tax payments are leading to tax revenues $4 billion more than expected for the state. The unemployment numbers released Thursday show that only about half of those 16 years or older are working or seeking work, down from slightly more than 58% in February. September 08, 2020 4:53 PM ET. New York City initial claims have now declined for six consecutive weeks. Gotham can protect the quality of life from Fordham Road to Eighth Avenue. 2019 to Nov. 2020 New York City employment (number in thousands) Over-the-year change in the . Diversity Initiatives The Comptroller’s Office of Diversity Initiatives works to develop innovative solutions that expand economic opportunities for all. By any measure, New York faces a daunting recovery—but it can do much to ensure that the industries that make the city unique, from funky fabric stores to big tech, from the big bank to the foreign-language bookstore, stick it out. 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