The NYC unemployment rate in December dropped to 8.9%. It marks the first time in 19 months the jobless rate in NYC went down below 9%.
In November, the unemployment rate was 9.1%. Last year the city gained 50,800 jobs. While it is a hopeful sign, there are still signs recovery will be slow or stagnant. The jobless rate does not include people who stopped seeking employment due to frustration or inability to find a job.
Crain's New York Business reports NYC lost 16,600 private sector jobs in December with around 10,000 of them in membership organizations such as religious groups and unions. The retail industry lost 3,300 jobs and education added 900 jobs.
Chief economist at the Fiscal Policy Institute, James Parrott, said, “It looks like an economy that's spinning its wheels, not one that's going forward. New York is not shielded from the slack recovery winds swirling around the country. We've done a little better, but haven't gotten into a league by ourselves.”
According to the New York Times, Elena Volovelsky, senior economist with the New York State Department of Labor, said, “Even though the city is enjoying generally strong job growth, hiring for the Christmas season was below average.” She indicated there was also “weakness” in other industries.
Reuters reports though NYC was the most popular place in the country to visit last year, the hospitality and leisure sector shrank by about 100 workers from November to December.
Wall Street hired 400 workers, with a total workforce of 162,800, which is 100 less that the total of people employed one year ago.
The US unemployment rate is at 9.4% with a loss of 103,000 jobs in December.
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TO BAD IT DOESN'T REFLECT THOSE WHO HAVE EXHAUSTED THEIR BENEFITS AND STILL CANNOT FIND WORK
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