The New York State Labor Department announced that December was the largest monthly spike in unemployment ever and that over 100,000 jobs have been lost in the last three months. NYSLD said that 7% of the New Yorkers fell out of work in December.
With the situation not getting any better, New York was forced to set aside $2 billion to pay out the unemployed. To give a sense of how poor things are, in 2008 there were 175,000 New Yorkers receiving state unemployment. Today, that stands at 420,000.
Starting on February 22nd, the state will pay extended unemployment benefits under the Emergency Unemployment Compensation (EUC). Most will be getting a check for $405 a week.
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