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Through October, New York City has recovered just 37% of the 944,100 jobs lost in March and April, when officials imposed an economic shutdown on non-essential businesses. New York City Mayor Bill de Blasio seems aware of the situation, having taken steps to try and help businesses recover. Confronting the biggest crisis that New York has endured in at least 45 years — maybe ever — elected officials have been bizarrely sanguine about the city’s well-being. The total number of people served at the community distribution sites City Harvest works with has more than tripled to almost 200,000. New York City Mayor Bill de Blasio said Monday the city may soon face additional restrictions and could go back to a total shutdown. NEW YORK (AP) — Former presidential candidate Andrew Yang officially entered the race for mayor of New York City on Thursday, joining a crowded Democratic primary field that includes longtime elected officials and veterans of the administration of Mayor Bill de Blasio, who is barred by the city charter from seeking a third term. 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. “It is just not enough. SOURCE: New York State DOL Two very different Republicans are running for the office, a seat held by the GOP since 1990. Cuomo announced last week that a Norwegian energy giant will revitalize a dormant Sunset Park port. A federal loan program of $257 billion would provide money for some small businesses to keep their workers on the books. Some 215,000 restaurant jobs disappeared between February and April. This story has been shared 126,225 times. After the 2008 financial crisis, by contrast, we lost 206,300 jobs. The number of cases is down sharply but the economy … Between 2009-2019, the city added 907,600 jobs, a 24.3% growth rate, compared to the … 122,677, This story has been shared 94,362 times. Overall, the city unemployment rate fell to 12.1% from 13.0% in October, but it remains almost double the national rate of 6.7%. They must be helped if the economy is to rebound. When she asked if he needed help, he said he was looking for a food pantry but that the two he had tried so far that day were closed. New York’s future is uncertain, but government can do much to ensure that the world continues to choose the city as a home, office or place to visit. NYCEDC works to make New York City’s neighborhoods and economy stronger and more inclusive. Lower demand for housing in unemployment- and crime-ravaged South Bronx, Bushwick and Harlem neighborhoods resulted in destruction of the supply of apartments, via fire and neglect, not price declines that spurred higher interest. “There are very few positive signs in the November jobs data,” said Parrott. Inside Chris Evans' abandoned $3.5 million mansion, How Phil Spector's hair disappeared behind bars, 23 die in Norway after receiving Pfizer COVID-19 vaccine: officials, Armed protesters gather at Michigan state capitol, Colombia's 'cocaine hippos' must be stopped, scientists warn. It’s obvious that with demand for apartments down, fewer people need a real-estate broker. Other data is also bleak — and could get worse with Gov. New York City initial claims have now declined for six consecutive weeks. Do Not Sell My Personal Information. Executive Director Eileen Torres says it’s not unusual for clients to be behind $20,000, while a handful are more than $30,000 in debt to their landlords. Tokyo emerged as a leading international financial center (IFC) in the 1960s and has been described as one of the three "command centers" for the world economy, along with New York City and London. Meantime, property and business owners must clean up feces and urine. ... 2020 ; Posted Aug 13 ... New York has been named the worst state in the U.S. for its economic outlook as New York City … This has been a hellish economic year for Gotham. newsletter, For New Yorkers Brutalized in Black Lives Matter Marches, Response at Capitol Brings Disbelief and Bitterness, Subway Train Operator Haunted by Two Deaths on the Job in One Week. Please consider joining us as a member today. Beyond rent measures, government can do smaller-scale things to help neighborhood businesses. … We've received your submission. 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. If it can reach the other side of the pandemic, New York City can live again. The recession also has begun to slam industries that initially avoided closures. October 28, 2020 Edition. Shutting down entire industries for months, even for a justified reason, brings mass-scale job destruction. De Blasio finds few friends in business as New York City economy free falls. These jobs spanned corporate law, software design, finance, real estate, manufacturing, construction, health care, retail and services. Unemployment Claims Jump as the City’s Budget Picture Grows Bleaker. 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. 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