The Covid-19 NYC Economy 3 Months In

By James Parrott

New York City is experiencing deep and enduring unemployment mostly by low-income workers of color and the city is facing a sluggish recovery with double-digit unemployment... To a greater extent than in previous downturns, the Covid-19-related job losses are heavily concentrated among low-wage workers, hitting persons of color, immigrants, young workers, and less educated workers the hardest…While it is impossible to precisely predict where the recovery will be by the end of this year, it is likely that the city could end 2020 with 500,000 to 600,000 fewer jobs than at the beginning of the year.

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