New data show scope of economic devastation in NYC during pandemic

NEW YORK — The COVID-19 outbreak led to the loss of nearly one in five payroll jobs in Manhattan and Queens, and to a similarly jarring loss of employment in the rest of the city, according to recently released data from the U.S. Bureau of Labor Statistics. In the 12 months ending in June, employment dropped 18.8% in Manhattan and 18.2% in Queens, the feds found. It decreased 15.7% on Staten Island, 14.6% in Brooklyn and 11.5% in the Bronx. The job loss came as the authorities shut down restaurants, entertainment venues and many other businesses deemed “nonessential” starting in March. New Yor…

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HEDGE accordingly