Hey, New Yorkers: Things are looking up. The state Department of Labor has new numbers out, which the New York Times says show a dip in the city’s unemployment rate. It’s true! Our rate of downtrodden, jobless recession victims for October is down to 9.2 percent! Which means September (whose unemployment rate was a nasty 9.3 percent) can suck it.
According to the DOL, companies in the city have added more than 40,000 jobs last month with the fastest growth in “professional and business services” like accounting, advertising, and legal work (there is hope, young lawyers!).
Retail (thanks to seasonal workers), education, and health care industries have also seen some growth, while tourism and hospitality has slowed (damn bed bugs).
Some more numbers, via the NYT:
Over the past year, the city has added 55,400 private-sector jobs, a gain of about 1.8 percent. That was double the rate of job growth for the nation over that period, and significantly higher than the 1 percent gain for the entire state, Mr. Brown said. Meanwhile, employment in government agencies in the city has declined by 13,800, he said.
The number of unemployed city residents has declined by more than 50,000 in the past year, from a peak of about 415,000. Statewide, there were slightly fewer than 800,000 unemployed New Yorkers, and about 527,000 people were collecting unemployment benefits from the state.
The statewide private-sector job gain of 40,500, which is adjusted for seasonal ups and downs, was the largest in any month since April 2005, according to Norman A. Steele, deputy director of the Labor Department’s Division of Research and Statistics. “New York State’s labor market has regained some of the momentum it lost earlier this year,” Mr. Steele said.
Although if you’re not one of the lucky 0.1 percent of New Yorkers who found a job… well, you might be screwed. The U.S. House of Representatives just shot down a measure to extend federal unemployment benefits. So long, government cheese.