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Yesterday, the NY State Department of Labor revealed that statewide unemployment rose from 7.7% in April to 8.2% in May, while NYC unemployment hit 9.0% in May, after being at 8.0% in April: "The state's private sector job count has now dropped for nine consecutive months. Since the state's private sector job count peaked in August 2008, New York has lost 212,200 private sector jobs, erasing more than half of the 400,000 jobs added during the state's last economic expansion from 2003 to 2008."
Drilling down into the NYC data, the NY Times finds, "The figures showed that there were about 361,000 unemployed people in the city, more than at any time during the recession that surrounded the Sept. 11 terrorist attack and the largest number of city residents out of work since 1993." The most recent job losses were in the areas of "communications media, advertising and other information services, as well as in finance and education," which offset job gains in tourism-related fields and construction. Labor Department analyst James Brown said, "Although the unemployment rate actually dipped slightly in three of the last five months, the trend is still strongly upward. Despite some positive notes, the city’s job market is still weak and the weakest areas — financial activities and professional and business services — will not resume growth until after the national economy improves."
Governor David Paterson issued a statement about the grim unemployment news and implored the State Senate to get back to work: "Today’s unemployment report from the Department of Labor is further proof that these are serious times in New York State that require the full attention of every elected member of the Legislature. There are now more than 800,000 New Yorkers without jobs, and the statewide unemployment rate has reached a 16-year high. At the current rate, while the Senate has failed to do any work over the last seven session days, approximately 5,000 New Yorkers have lost their jobs. This is not a time for politics and power grabs by lawmakers. This is a time for action, and for placing the people’s interests above personal interests... Enough is enough. If Senators do not wish to go to work, there are more than 800,000 New Yorkers ready to take their jobs - and salary - today.”
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"...require the full attention of every elected member of the Legislature."
Ironic that he should specifically say "elected member"
it's more when you add in the people who just gave up looking and the ones that are off the stats because they're the long term unemployed.
Yep, the real number is probably closer to 15-20%.
Not to worry, Bloomberg says he will help to create jobs for New Yorkers if he is elected mayor.
Oh right, he is already mayor.
that's what I was thinking - yay for us for twice electing the business genius Bloomberg - otherwise we might have been on par with the rest of the country. Man... NYC sure is full of dumb voters.
A.B.B in '09!!!
While I'm no big Bloomie fan, I have to wonder how you can attribute the worst financial crisis in this country's history second only to the Great Depression (and possible the worst when you consider the global impact) on the mayor?
If anything, blame Washington, blame the SEC, and blame the greedy scum on Wall Street.
Not blaming the Great Recession on Bloomie. Just pointing out the phoniness of his current re-election ads touting "creating jobs for New Yorkers today". He's been Mayor now for 2 terms - maybe he should have been "creating" jobs all along.
"If anything, blame Washington, blame the SEC, and blame the greedy scum on Wall Street."
While each has their share of blame, Bloomberg should also take his share of the blame. What has he done in the last eight years to attract businesses to NYC? (Other than construction workers building over-priced residences.) His stupid campaign ads use that idiotic Obama quote "I'm going to create or save xxx amount of jobs" There is no way that can be quantified. Bloomberg better start bailing because the city is going under.
"If Senators do not wish to go to work, there are more than 800,000 New Yorkers ready to take their jobs - and salary - today."
What a drama queen!! Obviously been watching too much "Mr. Smith goes to Washington."
By the way Governor Patterson, the current payment of unemployment is $405 per week (with an extra $25 tacked on to make it $430). This amount hasn't changed in many years, yet the cost of living has continued to increase. How about working on that?
Eh... he's blind to the plight of New Yorkers.
the unemployment payment is still $405 a week?
I had that rate over 10 years ago.
Yes still $405 per week. And I had that rate 10 years ago as well. I think in MA, the top rate is something like $650 per week.
The State's too broke to help the broke. Welcome to 1931.
Yeah it blows. On top of that there are Fed and state taxes on it. You can elect to have the Fed portion taken out automatically (like on a paycheck), but the state taxes you reconcile with your annual tax returns.
I'm not complaining about paying my fair share of taxes and I understand the accounting behind taxing unemployment pay, but it doesn't really make you feel all so great when your take home is less than $400 a week.
It's not really just a NY issue. Western states have officially over 10% unemployment. Don't bother waiting for Albany nor City Hall to save the day.
Detroit, Riverside CA and others all over 15%. Some states have hit 12%. The idiot cheerleaders pimping their "green shoots" don't realize there's a tipping point and we are getting closer to it.
Obviously Albany and the city are going to have to raise taxes on the remaining employers to help clean this mess up! It worked when they wanted to keep manufacturing jobs in New York, right? Right?