New York Unemployment Down, National Jobless Claims Up, Dow Just Crazy


The good news first: the city’s unemployment rate was finally below 10 percent last month, the first time since August. Colleen C. Gardner, the state’s labor commissioner, says that the number of private-sector jobs in the city rose by 21,000 in April, nearly triple the average increase for that month in the last 10 years. This applies to all industries, but especially to professional and business services, leisure, and hospitality. Which doesn’t mean it’s easy to get a job, but it’s easier, we hope.

Gardner said, “Across the board, New York has done better than the nation as a whole during this recession.”

However, news also came today that nationally there’s been an upsurge in people filing new claims for unemployment benefits. And the Dow dropped more than 350 points this morning before recovering to some extent (at 1:45 p.m., it was down 236.93).

As Wonkette points out, we actually have experienced that 1,000-point drop rumored to be caused by a “fat-fingered” trader — it just took weeks rather than hours.

Per The New York Times:

New measures in Germany to ban naked short selling, uncertainty over financial regulation in the United States, and persistent Euro zone troubles ganged up with Thursday’s disappointing jobless claims and signs of lagging economic indicators to smother any optimism about corporate results or signs of a recovery.

In a word, things are volatile. So hang in there, and traders, be careful where you type.