Poloncarz Report- Unemployment of 24.4% , Consumer Spending Down 31%, GDP down 9.4%

Erie County Executive Mark Poloncarz Report- Unemployment of 24.4% , Consumer Spending Down 31%, GDP down 9.4%. Not good.

“The economic impact of COVID-19 related shutdowns like NY Pause cannot be overstated. Recent M&T economic reports forecast a national reduction in Gross Domestic Product (“GDP”) of 9.4% for all of 2020, including a 40% reduction in GDP for the second quarter of the year alone.

Along with that, economists also project that there will be national job losses of 34.4 million, leading to an unemployment rate of 24.4% by the summer of 2020, at the same time that consumer spending is projected to drop by 31.2% due to COVID-19 related shutdowns. While exact local unemployment figures have yet to be released, published reports note more than 60,000 Western New Yorkers have filed for unemployment since March 28.”

FULL Report –Poloncarz- Economic Forecast