Coronavirus News: NYC will take 4 years to recover from pandemic unemployment, report says

ByEyewitness News via WABC logo
Tuesday, May 19, 2020
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The turnaround is predicted to begin in two years but take four years to recover.

NEW YORK CITY (WABC) -- New York officials say the state Department of Labor has now paid out more than $9 billion to the two million people who have filed for unemployment claims since the pandemic began.

It comes as a new report finds it will take the city to at least four years to reach pre-pandemic employment numbers.

That's according to the city's Independent Budget Office.

According to the analysis, the city will not begin to rebound from this crisis for another two years.

The IBO projects the city will lose a total of 446,000 jobs by September.

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