June job losses spike
Last month there were 55,000 fewer jobs in area than a year ago
The Capital Region in June had 55,000 fewer jobs than it did a year earlier, illustrating the deep impact the COVID-19 pandemic has had on the area’s economy.
The state Labor Department Thursday said the number of employees in all industries fell to 420,900 in June, down from 475,900 a year earlier. One bright spot: June’s figure represented an increase of 12,500 jobs from May. The figures cover the five-county Albanyschenectady-troy metropolitan area that includes Albany, Rensselaer, Saratoga, Schenectady and Schoharie counties.
Also, the figures are preliminary and aren’t adjusted to account for seasonal variations.
Meanwhile, the number of workers nationwide filing firsttime claims for unemployment benefits for the week ending July 11 fell by 10,000 to 1.3 million, the U.S. Labor Department reported Thursday morning, down from 1.310 million the week before. That figure, in turn had been revised downward by 4,000 from 1.314 million.
In New York, 91,583 workers filed initial claims, 2,157 fewer than the previous week when 93,740 workers sought benefits.
Pandemic unemployment assistance claims, a separate unemployment program that covers those not protected by traditional unemployment insurance, saw a decline as well. In
New York, 51,576 workers sought benefits, 3,147 fewer than the previous week’s tally of 54,723.
In a separate report, the U.S. Commerce Department reported retail sales rose 7.5 percent in June from May’s level and were up 1.1 percent from June 2019 as more retail stores and malls opened nationwide. Sales for the second quarter, April through June, still lagged year-earlier sales, down 8.1 percent.
The economic outlook is uncertain. A number of large employers have been filing Worker Adjustment and Retraining Notifications with the state Labor Department warning of upcoming layoffs. Among them: the Gideon Putnam and Saratoga Casino hotels, as well as the Rivers Casino & Resort in Schenectady. The Gideon Putnam, operated by Delaware North, said it will reopen on July 23.
Nationally, both American and United airlines have said they’ll need to lay off tens of thousands of workers after their Payroll Protection Program benefits expire Oct. 1, while retailers ranging from Neiman Marcus to Jcpenney and Brooks Brothers have filed for Chapter 11 bankruptcy protection.
New York state’s unemployment rate rose in June to 15.7 percent from a revised 14.5 percent in May. The figures are seasonally adjusted.
In New York City, the unemployment rate hit 20.4 percent, up from 18.3 percent in May. Excluding New York City, the statewide jobless rate was 12.2 percent, up from 12.0 percent in May. The nation’s rate, meanwhile, fell to 11.1 percent from 13.3 percent in May.
Local unemployment rates will be released Tuesday.