What do recent layoffs in New York mean for the economy?

As Tesla’s Western New York factory lays off more than 300 workers, other New York companies are doing the same, according to the Department of Labor’s WARN Notice database. the state.

Nine WARN notices were filed this month alone, indicating more than 600 jobs lost.

“When you suddenly find yourself unemployed, through no fault of your own, it can really feel like you’re falling to the ground,” said Roberta Reardon, commissioner of the New York State Department of Labor. “Our jobs give us stability. And looking for a job is not easy.”

When businesses file a WARN notice, members of the NYS DOL Rapid Response Team connect with affected workers to help them get back on their feet. They help people write their resumes, interview, and even break into a new industry.

Between April 1 and May 9, more than 2,600 New Yorkers were laid off, but economists say that despite this, the job market is actually growing.

“There’s an old saying: ‘When someone else loses their job, it’s an inconvenience.’ When you lose your job, it’s a depression,” said Dr. Fred Floss, co-director of the Center for Economic Education at SUNY Buffalo State.

Floss said there is still federal COVID funding flowing through the economy and jobs continue to be created across the country.

“Layoffs are always announced en bloc. Hiring is always done one at a time. So we’re still seeing more layoffs. What we don’t see is the people who are hired,” Floss said.

According to the Bureau of Labor Statistics, the U.S. economy added 175,000 jobs in April, fewer than the 315,000 jobs recorded in March.

“This is all normal,” Floss said. “There are always people who lose their jobs and others who gain them. And over time, that’s how the economy evolves to improve.