City's Unemployment Rate Currently Highest Since 1997

The new jobless numbers from the State Labor Department are not too good, not too good at all. New York City's unemployment rate increased to 9.5 percent in June (the highest level since July 1997), while the rate outside of NYC climbed to 8.2 percent, the highest since June 1983. Last month the number of unemployed state residents jumped to 854,200, the greatest number ever on record. Low-five? And the state's overall unemployment rate soared to 8.7 percent in June, its highest level since October 1992, the same month that Sinéad O'Connor ripped up a photo of Pope John Paul II on Saturday Night Live. It wouldn't really be fair to blame all our problems on Sinéad this time, so let's just ramp up the class warfare and note that today also marked the announcement that JP Morgan's profits were up 36%, with second quarter earnings ballooning to $2.7 billion. Surely some of that largesse will be trickling down any day now!

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By John Del Signore in News on July 16, 2009 5:20 PM

Comments [rss]

JacqueMehoff

thank God I'm stocked up.

got a lawyer who want's to play hardball with me.

I got nothing to lose anymore.

ed_Extinct

the rates are probably much higher all around. not everyone applies for unemployment and these stats are based on that alone.

SonnyBobiche

Unemployment rates for the last two administrations.

1993 6.908

1994 6.1

1996 5.408

1995 5.592

1997 4.942

1998 4.5

1999 4.217

2000 3.967

Average for Clinton = 5.20

Tried to pass a stimulus package in 1993 but was, fortunately, stopped by Congress.

2001 4.742

2002 5.783

2003 5.992

2004 5.542

2005 5.075

2006 4.617

2007 4.633

2008 5.808

Average for Bush = 5.27

"The worst economy since Hoover" Had an economy sapping terrorist attack and two wars.

JenChungsBaby

So what you're saying is that Bush Sr. left Clinton with a 6.9% rate, Clinton lowered it to 3.96, and Bush Jr. got it back up to 5.8.

Right?????????