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NYC jobless hits 9.6%, higher than the nation's unemployed
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Cities and states unemployment data came out yesterday, with New York City showing an increase in jobless residents hitting 9.6%, reaching higher than the national jobless rate for the first time since July 2007.
Despite adding 39,000 jobs in July, the city still showed a higher adjusted rate, causing more concern in the local economy. As reported in Crain's New York, this could just be a statistical anomaly. The majority of jobs added in July were 25,000 in local government jobs, while education, health services, and construction rounded out the additional jobs last month.
The huge increase in government jobs is quite telling that it is not local companies that are growing and adding to the local economy, not yet.
| Joblessness ticks up as does Wall St pay |
| Financial jobs hit harded as NYC jobless hits 9.5% |
| As goes NYC, so goes the nation: city jobless rate edges down |
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