Comptroller – NBC New York

What to Know

  • New York’s labor power, one of many nation’s largest, nonetheless stays beneath the pre-pandemic peak, this according to a report launched Tuesday by State Comptroller Thomas P. DiNapoli.
  • DiNapoli’s report, goes on to say that even because the workforce started rising in 2022, New York remains to be 400,000 employees beneath the December 2019 peak.
  • The report discovered that labor power participation charges have been highest for Hispanics with over 61% on common over the 10-year interval — the one group for whom labor power participation charges didn’t decline throughout the pandemic.

New York’s labor power, one of many nation’s largest, nonetheless stays beneath the pre-pandemic peak, this according to a report launched Tuesday by State Comptroller Thomas P. DiNapoli.

Based on the report, though the labor power decreased by 1% between 2011 and 2021 whereas the remainder of the nation elevated by 5.1%, a rebound happened within the latter half of the final decade. This happened earlier than the world shutdown throughout the peak of the COVID-19 pandemic in 2020. Attributable to this, the labor power took a dive with New York persevering with to lose employees in 2021 — whilst the remainder of the nation started to recuperate. DiNapoli’s report, goes on to say that even because the workforce started rising in 2022, New York remains to be 400,000 employees beneath the December 2019 peak.

“New York’s labor force is the backbone of our state’s economy, and its strength has been its diversity, high levels of education and unionization,” DiNapoli mentioned. “However my report exhibits troubling long-term traits have been exacerbated by the pandemic and could also be impeding New York’s restoration.”

The report additionally regarded into the explanation behind the decline and located that it was partly on account of inhabitants modifications and a comparatively decrease share of employees collaborating within the workforce. Based on the report, the state’s 10-year common participation fee was 40th within the nation, with the participation fee at 59%, nearly 3 share factors decrease than the remainder of the nation in 2021.

Moreover, DiNapoli’s report discovered that the impacts of the pandemic have been profound in New York, not simply because the epicenter of circumstances on the peak of COVID, however because of this, New York had a pandemic recession that lasted longer than the remainder of the U.S. This translated to an unemployment fee was 9.9% in 2020, almost two share factors increased than the remainder of the nation.

By 2021, New York’s 6.9% unemployment fee was the nation’s third highest, led by excessive unemployment in New York Metropolis.

The report additionally discovered that the state a big share of underemployed employees. Underemployed employees have been outlined within the report back to “include underutilized, marginally attached and discouraged workers. Underutilized workers are employed part-time but want full-time work.”

Based on DiNapoli, these underutilized employees made up a bigger share of the workforce in New York (3.8%) in comparison with the remainder of the nation (3%) in 2021.

The report additionally regarded into unemployment amongst folks with disabilities and located that in 2019, New York’s unemployment fee for this particular personnel within the labor power was at its lowest in over 10 years. Nonetheless, with the pandemic the speed of underemployment amongst folks with disabilities grew in 2020 and remained excessive the next 12 months, at a fee nearly twice that of individuals with no incapacity.

Moreover, the report discovered that labor power participation charges have been highest for Hispanics with over 61% on common over the 10-year interval — the one group for whom labor power participation charges didn’t decline throughout the pandemic.

For the entire report and extra findings, click here.

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