Yahoo Finanza Chart of the Day: 1 Million State and Local Jobs Lost
State and local governments cut nearly 1 million jobs in April, The Wall Street Journal reported, and the layoffs are expected to keep coming as states and cities adjust to a $500 billion loss in revenue over the next two years. That has economists worried about the long-term effects of reduced spending at the state and local level. “We have the evidence of the global financial crisis and the years afterward where state and local government layoffs and lack of hiring did weigh on economic growth,” Federal Reserve chief Jerome Powell told the Senate Banking Committee last week.
