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NYC Unemployment Now At 10%
By
Jen Chung
Published Apr 16, 2010
Modified Apr 16, 2010
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By
Jen Chung
Published Apr 16, 2010
Modified Apr 16, 2010
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Yesterday, the NY State Department of Labor released unemployment data for March, and the city's unemployment fell another 0.2% to 10% for last month. (The rate had started at 10.4% in January.) According to the NY Times, "Hiring was especially strong in professional and business services, like advertising and management of computer systems, a large part of the city’s economy that usually expands early in a recovery," but, "One continuing cause for worry is the persistent loss of jobs in the city’s most lucrative fields, investment banking and securities trading."
Why is that a worry? Because a finance job pay many times more than an average job (think tax revenue). One economist also says that construction jobs grew last month, "“I think the warm weather in March induced some of the hiring, which may or may not be permanent."
The state unemployment rate fell to 8.6% for March from 8.8% in February. For a blast from the past, the unemployment rates in March 2009 were 8.5% (NYC) and 7.8% (NY State).
Tagged
economy
jobs
NY State unemployment rate
NYC unemployment rate
recession
Unemployment
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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