Oct 04 2009
New York State unemployment rate hits 26 year high
New York may be doing better than the rest of the nation, but unemployment has still reached a 26 year high in the empire state. New York City’s unemployment rate reached 10.3 percent in August, up from 9.5 percent in July.
The national unemployment rate rose from 9.4 percent to 9.7 percent over that same period.
While the numbers from the NYS Dept. of Labor are undoubtedly troubling, Google says that New York is actually in no worse shape than the rest of the country (for whatever that’s worth?).
Some experts argue that there are a lot of positive things to take away from the report. Doug Turetsky, communications director of New York City’s Independent Budget Office, saw the job losses as promising.
“When we did our last forecast in May, we were projecting 250,000 job losses from the fourth quarter of 2008 into the middle of 2010,” Turetsky said. “The Bloomberg administration said we were being too optimistic, but it turns out we were too pessimistic. The losses are around 100,000, and it seems unlikely that’s going to double.”
Still, even the optimistic Turetsky warns that we can’t read into the numbers too much.
“Things are still quite uncertain,” Turetsky said. “We can’t read too much into one month’s numbers at this juncture. Clearly, we’re not out of the woods yet, nor are we likely to be for some months.”
Sources:
www.labor.ny.gov
http://www.forbes.com/feeds/ap/2009/09/17/business-financial-impact-us-unemployment-ny_6901208.html
http://www.associatedcontent.com/article/2248219/new_york_state_unemployment_above_averages.html
http://www.pamil-visions.net/nys-unemployment-google/26331/
test
How does that “save and create” thing work again?