The interactive map above shows the percentage of adults in each state aged 18 and over for whom paying household expenses was very difficult or somewhat difficult during each of the Census Bureau’s Household Pulse Survey periods from late August to mid-December. In each of the six surveys from October through December, the combined total of the “very difficult” and “somewhat difficult” counts in New York was more than 5 million. With some fluctuations, that proportion rose in succeeding months, despite growth in overall economic activity from the second to the third quarter of 2020. Including those in the “somewhat difficult” category brought the total at that time to 4.5 million, or 33 percent of adults. In its survey period ending August 31, the Census Bureau found that 1.8 million adult New Yorkers were facing “very difficult” challenges paying normal household expenses. The Census data do not reflect the number of dependent children living in such households. For another 2.8 million, paying such expenses was “somewhat difficult.” The combined total, more than 5.6 million or 40 percent of adults, was the 10th-highest proportion among all states. More than 2.8 million adult New Yorkers found it “very difficult” to pay normal household expenses in mid-December, the highest number of any period analyzed in the surveys that began in August 2020, according to U.S. Paying Household Bills: A Difficult Challenge for More New Yorkers Key aspects of the Executive Budget Financial Plan are discussed in the New York State Budget and Spending section of this update below. employment is projected to increase by 2.7 percent in 2021 and reach its pre-pandemic level in early 2023, according to DOB. After a decline of 5.7 percent in 2020, U.S. “The COVID-19 pandemic’s damaging effects on labor markets are still mounting and will be a major obstacle to a balanced economic recovery,” according to the Executive Budget Financial Plan. While the State has regained close to half of the 1.9 million jobs lost in March and April of 2020, a return to pre-pandemic employment levels is not expected until 2025. gross domestic product is projected to increase by 4.4 percent in calendar year 2021 after an estimated decline of 3.4 percent in 2020, according to the Division of the Budget (DOB). The economic outlook contained in the Governor’s Executive Budget proposal for State Fiscal Year 2021-22, released this week, anticipates continuing but slow improvement for employment and other economic indicators, as well as tax revenues. January 21, 2021 Edition Selected Economic Trends Executive Budget Projects Lingering Economic Pain The State Comptroller’s Office is committed to keeping New Yorkers regularly updated on the State’s economy and finances.
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