The New York State Department of Labor has released the employment data for June, and the news is not specifically too good. Bucking a national trend, NYC unemployment rose last month to 10%, up from 9.7%. Statewide, the number of jobless New Yorkers rose to 8.9%, up from 8.6% in May. (The national unemployment rate has been roughly 8.2% since March.) However, the numbers are somewhat unusual, because the city and state both saw an increase in job growth, even as the unemployment percentage rose.
New York State added 137,200 new private-sector and government jobs, while NYC added 76,800 private-sector and government jobs. Governor Cuomo explained the unemployment spike on jobseekers entering or re-entering the labor market "due to renewed confidence about finding employment." an area's unemployment rate temporarily rises. Mayor Bloomberg said in a statement, "As fast as New York City is creating jobs, people are entering the labor market even faster, which indicates optimism and confidence in the [city's] long-term future."
James Brown, a state Labor Department market analyst, tells the Wall Street Journal, "As the national economy has gained strength, a lot of the strength has been in areas that don't really benefit New York City," citing the auto-industry rebound and gains in agriculture as examples. About 40% of the jobs added in the past year in New York have been in business services, such as law and accounting firms. And yet there are still too many lawyers!
