Suitability of Unemployment Benefits in NYC release_fewb2qaptzh5vl767jpzimp6ly

Abstract

The state of New York reported the second-largest rate of percent decline in employment compared to October 2020, being down 10.4% , which translates to 1 million fewer jobs. This puts New York at the second place based on the highest total number of jobs lost over the year of any state, behind the 1.37 million lost by California. This spike in unemployment is correlated to the various stay-at-home orders implemented due to the COVID-19 pandemic and other pandemic-related factors. In this study, we will observe unemployment rates across U.S cities over the past decade and specifically analyze the factors influencing unemployment in New York City compared to cities with lower unemployment rates and better handling of the COVID-19 pandemic. We will also analyze how residents of New York City varied in their ideal maximum unemployment benefit amount depending on their borough, economic status, and other factors. Our primary research method will be to conduct a survey of 75 New York City residents to identify trends based on our variables that include borough, the number of people who are unemployed in the participant's immediate community and the amount that they perceive to be a reasonable maximum unemployment benefit amount. We will also observe unemployment benefit policies and how they have affected the unemployment rate in cities before and after implementation, to understand whether it is frictional, structural, or cyclical unemployment that is prevalent in New York.
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