Economy

New York has paid $7.4 billion in unemployment claims to roughly 1.7 million residents, officials say

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The New York Department of Labor has paid approximately $7.4 billion in unemployment claims in the first seven weeks of the Covid-19 crisis to 1.7 million residents out of work, Melissa DeRosa, secretary to Gov. Andrew Cuomo, said on Wednesday. 

DeRosa said that roughly 1.8 million residents who are struggling with unemployment due to the coronavirus pandemic have filed claims. That is roughly six times the number of claims filed during the 2008 financial crisis when 300,000 New York jobs were lost, she said at a press briefing. 

“When people say, ‘You’ve experienced these past crises, why weren’t you ready for this one?’ We were ready for this one, we’ve handled six times that in the…



Source cnbc.com

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