New York Comptroller Thomas DiNapoli:  Gives Update on State’s Economy:  It Ain’t Good!

Dear Commons Community,

New York’s Comptroller gave his weekly update on the state’s economy yesterday and it isn’t pretty.  He commented that:

“The current public health and economic crisis we are facing as a state, nation and world is something we have never dealt with before and it will continue to impact our state and local finances for the foreseeable future. Now more than ever we need partnership and communication between all levels of government. I renew my call for the federal government to provide financial assistance to the states and communities hit hard by COVID-19.

By the numbers:

  • Local sales tax collections dropped over 32% in May.
  • April NYS tax receipts were $8.16 billion less than anticipated.
  • The unemployment rate was 14.5% in April.

He concluded by stating that:  “Despite the grim outlook, I remain optimistic for our future. We are New York Tough and I believe our resilience, as a state and nation, will pull us through these challenging times.”

We pray he is right!


Comments are closed.