The unemployment rate for NYC dropped ever so slightly in January to 10.4 percent, from a high of 10.5 percent in December, according to new statistics released by the labor department. Despite the seemingly small increment, economists are interpreting the data very favorably, according to the Times:
The city lost jobs in January, as it usually does when temporary workers hired for the holidays are let go. But the decline in employment in January...was significantly smaller than the average January loss in the city over the last 10 years...After those numbers are adjusted for seasonal fluctuations in hiring and firing, the decline in employment in January is likely to appear as a gain.
According to Business Week, private sector jobs fell by 72,700 between December and January, below the 10-year average loss of 107,600. Overall, with the updated and revised statistics available, NY seems to have fared better than the rest of the country proportionally. Barbara Byrne Denham, chief economist with real estate services firm Eastern Consolidated, told the Times, "Despite the fact that this was one of the worst financial crises in more than half a century, its effect on the New York City economy was one of the mildest," but added, “It is still kind of bumpy. I don’t think there’s going to be real job growth for at least four months, maybe longer.”