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BUCK ENNIS
CORONAVIRUS ALERT
New York braces for body blow City expected to lose 500,000 jobs as business activity grinds to a halt
BY AARON ELSTEIN
The speed and ferocity of job losses looming now is unpreceith many more con- dented. In 2008, after Lehman Brothers firmed Covid-19 cases than anywhere else collapsed, 138,000 New Yorkers lost in the country, busi- their jobs, the IBO said. In 2001, after the stock-marness activity all but ket bubble popped, grinding to a halt 160,000 workers and all nonessenwere sidelined. tial workers orEven the 332,000 dered to stay NOBEL PRIZE winner jobs lost during the home, New York’s sees “massive” painful, long-lasteconomy is bracing recession from ing for a body blow unemployment ahead 1989 to 1992 pales of the magnitude Page 2 in comparison to no one has seen GOFUNDME pages what is likely ahead before. for the city and its “In a normal spring up to aid the residents. downturn, ecounemployed Page 4 “It’s a situation nomic activity contracts. But now QUEENS COUNCILMAN that changes your whole life,” Gov. economic activity calls on feds to save Andrew Cuomo is stopping,” said businesses Page 4 said during a news Ronnie Lowenconference last stein, director of CITY SETTING UP week. After whitthe city’s Indepenlearning centers for tling away at the dent Budget Ofchildren of essential numbers of people fice. “It’s a whole allowed to continue new world.” workers Page 4 to work in the city, Nearly 10% of HOME CARE firms the governor made the city’s workit official Friday: All ers—500,000 peoface staffing, supply nonessential workple—across all shortages Page 5 ers must stay home. sectors of the Calculating the economy will soon be unemployed, said James Parrott, eventual financial toll will be iman economist at the New School’s possible until officials get a grip on Center for New York City Affairs. He how pervasive the outbreak is and estimated 130,000 restaurant work- how long New Yorkers will have to avoid their workplace and close ers have already lost their jobs. “A whole swath of people are be- contact with other people. Last week Comptroller Scott ing asked to sacrifice their jobs in the interest of public health,” Parrott said. See VIRUS on page 6
W This year’s rising business stars are bright lights in these dark times
BUCK ENNIS
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LAUREN JUPITER, managing partner of AccelFoods, applies a tech-sector investing approach to small food companies.
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