Billions of dollars will drop out of New York City’s economy beginning in September, as hundreds of thousands of city residents lose their federal unemployment benefits.
For the past 17 months, New York City residents received an average of $3 billion each month in unemployment benefits, according to research from New School economist James Parrott. Currently, unemployed New Yorkers receive a total of $500 million a week, or about $2 billion a month.
That will drop to $156 million per month on Sept. 5, when benefits end.
Parrott, the director of Economic and Fiscal Policy for New York City Affairs, said the loss not only threatens individual households where
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