Southern Tier Officials Brace for More Economic Hits from COVID
The Binghamton Labor Market is seeing an increase in unemployment last month of 1.9% over October of last year.
The New York State Department of Labor says Binghamton had an unemployment rate of 6.1% for the month compared with 4.2% recorded in October, 2019.
While the entire nation is struggling to resume business following many complete shut-downs in the spring due to the coronavirus pandemic, some areas have been slowly hiring back furloughed workers but a renewed spike in COVID-19 cases could again result in wide-spread job losses.
The State Labor Department says the seasonally adjusted private sector jobs in New York had increased over the month by 45,600.
Also seeing some improvement as retailers have been able to get back to business even with restriction is the sales tax collection. Broome County Executive Jason Garnar says the County had been looking at a $12-million-$13-million shortfall in collections. That shortfall is now between five and six-and-half million-dollars.
Garnar says the County is still facing serious financial issues unless Washington comes through soon with a relief package that funds local, county and state governments. The Democrat says while corporations have been taken care of through earlier stimulus legislation, Broome is forced into short-term borrowing and is down about $30-million to cover expenses.