FILE PHOTO: A woman runs past the Charging Bull sculpture in the Financial District as streets remain less busy due to the continuing outbreak of the coronavirus disease in the Manhattan borough of New York U.S., May 5, 2020. Picture taken May 5, 2020 at 6:42PM. REUTERS/Lucas Jackson
The regional Fed bank’s Empire State Manufacturing Index surged 48 points to a reading of negative 0.2 from negative 48.5 in May. Economists polled by Reuters were looking for a reading of negative 29.8, according to the survey median.
I bet New York now wishes it didn’t follow Alexandria Ocasio-Cortez’s lead in pushing back on the opening of the Amazon facility that would have provided 25,000 jobs new jobs in New York. These are growth jobs at a time when the economy is shrinking. Workers lost out big time.
UBI (Universal Basic Income) will be on the table