Why the unemployment insurance rate is rising
New research shows that the unemployment rate in New York is up by a factor of more than 6 percentage points in just three months.
The news comes as the state’s unemployment rate continues to rise, with the latest figures showing that the rate for people looking for work in the state hit 7.4 percent in August, the highest in four months.
And with unemployment at a new record high of 8.1 percent, the unemployment numbers are likely to keep rising for a while.
On Monday, Governor Andrew Cuomo said the state has seen a surge in the number of people seeking help from unemployment insurance.
“It’s a new day for New York, and the new day has arrived with the announcement that the state is adding a whopping 2.5 million people to the rolls,” he said.
“That’s a record number.”
The Governor added that the number would not be enough to cover everyone who applied for unemployment benefits in the next six months, which would mean that many people would lose their benefits.
The State Employment Security Administration has said that it is unable to keep up with the demand for benefits, which have been rising.
The Department of Labor has said the number could be as high as 7.5 billion by 2019.
The Governor’s announcement came after the governor announced a $50 billion plan to pay for a range of programs, including $15 billion in new jobless assistance and $7 billion for state and local governments to hire more teachers and support staff.
The governor has been working to boost the economy in the wake of a devastating hurricane in September that left more than 1 million people without jobs.
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