In Federal Fiscal Year 2019, New York State generated $23.7 billion more in federal taxes than it received in federal spending. In total dollars, New York’s deficit was the highest among the 50 states. For every tax dollar paid to Washington, our State received 91 cents in return—well below the national average of $1.24.
After losing more than 1.9 million jobs in March and April, New York State saw steady gains, averaging over 174,000 jobs in each of the following five months.
Total employment in New York State fell in March, and again—much more sharply—in April, with a combined loss of more than 1.9 million jobs.
New York State’s unemployment rate dropped to 9.7 percent in September, marking the first time the rate has been below 10 percent since the beginning of the COVID-19 pandemic.
While all states have lost employment since the COVID-19 pandemic struck earlier this year, New York surpasses almost every other in both number and percentage of job losses.
Six months into the COVID-19 recession, New Yorkers working in lower-paid sectors continue to suffer a disproportionate share of job losses statewide and especially in New York City.
While New York State has regained more than one in four of the jobs it lost in March and April, the unprecedented scale of losses due to the COVID-19 pandemic leaves a daunting path ahead for the State to climb back to pre-recession employment levels. For New York City, the picture is even more troubling.
New York State’s total employment count hit an all-time high of more than 9.8 million in February, reflecting net gains of nearly 2 million jobs since April 1996.
Nearly three-quarters of New York State small businesses received assistance in recent months through the federal government’s Paycheck Protection Program (PPP), according to Census Bureau survey data for the week ending June 27.
Approved payments to New York recipients for Unemployment Insurance totaled $32.1 billion from March 1 through July 17, with steep increases in payments following the onset of the pandemic.
