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Mass. Unemployment Projected at 18% by Q4
The Massachusetts Taxpayers Foundation (MTF) said tax revenues for fiscal 2021 are projected to fall by 14.1% from the January 2020 benchmark and the commonwealth’s unemployment rate will spike to 18% by the fourth quarter as 570,000 jobs are shed.
MTF issued these projections in view of the COVID-19 pandemic. As of Wednesday afternoon, nearly 30,000 cases had been confirmed across Massachusetts, the nation’s third highest statewide total.
“The economic and fiscal fallout from the pandemic puts an unprecedented strain on the state’s budget and resources, surpassing previous fiscal crises because of its sudden and steep onslaught, said MTF president Eileen McAnneny.
She added, “Although alarming, MTF’s projected shortfall does not represent a worst-case scenario. In fact, we project a recovery beginning in July. Should the size, scope, or duration of this public health crisis grow, the numbers would have to be revised to reflect the deteriorating economic outlook.”
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- ◦Economy
