The city's unemployment rate fell to 4.8 percent in October—its lowest level since February of 2007.
According to the state's Department of Labor, the NYC has achieved an unemployment rate below the national average for the first time since 2011. The city has enjoyed an increase of 94,000 private sector jobs over the past year, and added 47,700 jobs in the past month. Earnings for private sector workers have increased by 2.4 percent in the past year. September's unemployment rate was 5.2 percent.
“We are laser-focused on growing this economy and making sure it works for more New Yorkers. And what we are seeing is tremendous," Deputy Mayor for Housing and Economic Development Alicia Glen said in a statement. "Jobs are up. Wages are up. More New Yorkers have access to benefits like paid sick leave and a living wage. We’re determined to deepen these trends.”
The growth arrived in tandem with an unexpected $304 million increase in personal income, business and property taxes reported by Mayor de Blasio in an interim financial report earlier this month. The bonus revenue allowed the mayor to spend $169 million on police protection, affordable housing and homeless services, and an additional $135 million has been carried over for fiscal year 2017.
The added revenue allowed the mayor to increase spending by $169 million in the current fiscal year to pay for added police protection, affordable housing and homeless services. Another $135 million has been carried over as surplus for fiscal 2017, which begins July 1, the mayor said.
There are currently 4,255,100 total jobs in New York City.