Expert Pitch

March jobs report to show New York recovery lags behind

Cornell University
1-Apr-2021 7:05 AM EDT, by Cornell University

On Friday the Bureau of Labor Statistics will release its monthly jobs report for March 2021.

Russell Weaver, economic geographer and director of research at the Cornell ILR Buffalo Co-Lab, says while the March jobs report is poised to show continued signs of economic recovery, New York state is still lagging behind the rest of the nation.

Weaver says:

“Last month, the Bureau of Labor Statistics (BLS) reported that the national unemployment rate fell to 6.2% in February 2021, the lowest level since the measure peaked at 14.8% in April 2020 at the outset of the COVID-19 pandemic. On Friday, the BLS monthly jobs report for March 2021 is poised to show continued signs of economic recovery, fueled by a combination of broader vaccine distribution, fewer restrictions on economic activity, and higher levels of consumer spending—the latter was arguably boosted by the household stimulus component of the $1.9 trillion American Rescue Plan.

“The consensus among most analysts is that the national economy added more than 600,000 jobs in March 2021, which would be the largest month-over-month jump in employment since early in the fall of 2020. That level of job growth would likely bring the national unemployment rate down to around 6%.  

“While state-level data for March 2021 will not come out until a few weeks after Friday’s national jobs report, it is reasonable to expect New York state’s unemployment rate to remain meaningfully above the national average. Bucking the national trend from last month’s jobs report, New York’s unemployment rate ticked up from 8.8% in January 2021 to 8.9% in February 2021. That slight increase gave New York the second highest unemployment rate among the 50 states and the District of Columbia.  

“Concerningly, data from Opportunity Insights suggest that New York’s recovery is continuing to lag behind the rest of the nation. Through mid-March 2021, job postings in the U.S. were 2% lower than they were prior to the pandemic, in January 2020. For New York state, the corresponding decrease in job postings was 13.7%. Similarly, around one in every 100 members of New York state’s labor force were still making new unemployment insurance claims each week as of mid-March 2021, about one-and-a-half times the national average.

“Recent news of wider vaccine availability and the Governor’s “Excelsior Pass” to fast-track business reopening in New York should help put the state back on a forward-moving track.

“Nevertheless, as scores of analysts have been reporting since early in the pandemic, both the economic impacts of COVID-19 and the slow-moving ‘recovery’ from it have been highly uneven. Low wage workers, workers of color, and women have shouldered the largest burdens of the pandemic both in New York and throughout the nation. As such, it remains imperative that policymakers in New York set a goal not of returning to pre-pandemic employment levels, nor of ‘catching up’ to the rest of the nation with respect to the unemployment rate, but of facilitating an inclusive recovery that seeks to affirmatively address longstanding inequalities that have worsened as a result of COVID-19.”

- 30 -

Filters close

Showing results

110 of 5967
Released: 6-May-2021 3:55 PM EDT
Addressing Systemic Racism in Academia: Live Expert Panel for May 19, 5:30pm ET
Newswise

Experts from the American Thoracic Society will discuss issues with systemic racism in academia as a follow-up to their session on this topic at the virtual 2021 ATS Annual Conference.

Released: 6-May-2021 11:05 AM EDT
Virtual Event Examines Impact and Evolution of the Role of America’s First Ladies
American University

Prominent scholars, archivists, historians, former White House staff members and insiders gather to explore the fascinating lives and evolving roles of America’s First Ladies Symposium. The event is hosted by the White House Historical Association in partnership with American University's First Ladies Initiative.

Newswise:Video Embedded covid-19-vaccine-understanding-herd-immunity-vaccine-hesitancy
VIDEO
Released: 5-May-2021 11:05 AM EDT
COVID-19 vaccine: Understanding herd immunity, vaccine hesitancy
University of Michigan

Since the beginning of the pandemic, herd immunity has been portrayed as the holy grail to overcome the COVID-19 pandemic.

Released: 3-May-2021 6:20 PM EDT
Biden rights the economic ship, but rough waters could loom in the distance
University of Delaware

Vaccine distribution, stimulus checks and reopenings have helped to revitalize the economy in the face of the pandemic. But challenges remain, including vaccine reluctance, inflation and the capital gains tax, says University of Delaware economist Jim Butkiewicz.


Showing results

110 of 5967

close
1.47786