Despite fully recovering from pandemic job losses, New York faces a surge in jobless claims, hinting at economic vulnerabilities.
In a development that threatens to hamper its post-pandemic recovery, New York experienced the largest increase in initial jobless claims among U.S. states for the week ending March 2, signaling a potential cooling off in what has been a rapidly recovering labor market.Amid a backdrop of recovery in which New York celebrated the full return of private-sector jobs lost during the COVID-19 pandemic, the recent surge in jobless claims presents an unexpected challenge.
Experts, including Pantheon Macroeconomics senior economist Oliver Allen, suggest that while immediate data reflects a resilient job market, underlying trends hint at upcoming challenges.'Cracks are starting to appear,' Allen shared with Newsweek by email on the same day Hochul issued the release. 'Several indicators of layoffs point to a significant rise in claims in the months ahead, including the Challenger layoff announcement numbers, which crept up further in February.
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