New York City COVID-19 Economic Impact Update
The Partnership has compiled recent statistics to inform our members of the city’s economic standing. This information reflects both the challenges and the need for business leadership and renewed commitment to secure the city’s future.
- NYC accounts for 4% of US cases and 13% of US deaths, as of data released Monday, September 7 at 11 p.m.
- NYC accounts for 1% of global cases and 3% of global deaths.
Unemployment Rates, July
- NYC: 19.8% unemployment rate
- NYS: 15.9% unemployment rate
- US: 10.2% unemployment rate
- Bronx: 24.9% unemployment rate
- Kings: 20.4% unemployment rate
- New York: 15.9% unemployment rate
- Queens: 20.5% unemployment rate
- Richmond: 17.3% unemployment rate
Note: Data are preliminary and subject to revision. County unemployment rates are non-seasonally adjusted, all other data is seasonally adjusted.
- 35,196 initial unemployment claims filed during the week ending August 29.
- Up slightly from 34,045 claims filed during the preceding week.
- 1.73 million unemployment claims filed in New York City between March 8 and August 29.
- Up 991% from 158,864 claims filed during the same period in 2019.
- 84% of unemployment claims have been filed by residents of the outer boroughs.
- 2,114 major crime incidents during the week ending August 30, up 3% from the same week a year ago.
- 10 murders in the city during the week ending August 30, up 11% from the same week in 2019
- 299 burglaries during the week ending August 30, up 10% from the same week in 2019.
- 50 shooting incidents during the week ending August 30, up 85% from the same week in 2019.
Additional detail on New York’s unemployment rate:
- New York state’s 15.9% July unemployment rate is the second highest in the U.S. Only Massachusetts has higher unemployment, at 16.1%.
- Of the 51 metro areas with a population of 1 million or more, Los Angeles had the highest unemployment rate in July, at 16.8%, followed by the Las Vegas and New York-Newark-Jersey City metro areas, at 16.4% each.
According to a New York State Restaurant Association survey of over 1,000 NYS restaurants released last week:
- 64% of NYS restaurants said they are likely or somewhat likely to close by the end of the year without some form of financial relief; just 36% said they are likely or somewhat likely to remain open.
- Of those who are likely to close, 55% will be forced to shut their doors before November.
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