NYS Unemployment – Are There Fewer Unemployed in NYC?

Dec 19, 2010

NYS unemployment went down again last month despite the fact joblessness edged up nationally. According to the State Labor Department, New York City unemployment went down to 9.1 percent in November, 2010.

New York State unemployment peaked a year ago at 10.5 percent. The United States Bureau of Labor Statistics reported the national unemployment rate went up to 9.8 percent in November. New York Cit is doing well in comparison with an unemployment rate of just over 9 percent.

The NYC unemployment rate has steadily declined since last year. The New York York Times stated according to James Brown, principal economist for the NYS Department of Labor, private sector jobs in NYC have increased by 1.6 percent in comparison to 1 percent nationwide.

City Mayors reported a recent research from Mercer Consulting concluded New York City ranked 27 on the list of the world's most expensive big cities in 2010. Ongoing employment is key for New Yorkers to keep up with the cost of living.

NYC added around 14,000 jobs in November. Entities hiring included employment agencies, accounting and business services and Wall Street. Despite these newly created jobs, there are fewer professionals working in investment banking and securities.

The Wall Street Journal reported the New York State Department of Labor found the number of investment pros dealing in NYC fell 17 percent in November and fell 21.5 percent in NYS.

Robert K. Steel, deputy mayor for economic development, indicated New York City's strong recovery was due to policies made to “unleash the creative power of our people.”

Brown stated, “We've been moving in the right direction even if the month-to-month moves have been fairly small. The flip side is we still have 350,000 unemployed people. It will take a long time of good, solid job growth to get those numbers down to where they were when unemployment was 5 percent.”

New York State fared worse than NYC. NYS unemployed went up to 8.3 percent in November from 8.2 percent the previous month.

On Friday, President Obama signed the law for extended unemployment benefits which also included tax cuts. Unemployed New Yorkers are assured of a benefit check even if they don't find a job for the holidays.



Post a Comment