THOMPSON STATEMENT ON NYS DEPT. OF LABOR ANNOUNCEMENT OF OCTOBER JOBS DATANew York City Comptroller William C. Thompson, Jr. issued the following statement regarding the unemployment figures released today by the New York State Department of Labor which showed the City's unemployment rate was 10.3 percent in October, unchanged from 10.3 percent in September:
"After deteriorating for months, the City's unemployment rate appears to be stabilizing. That's the good news. The bad news is that more than 400,000 New Yorkers are out of work, meaning that for many people, the holiday season will not be joyful.
As I identified in my recent Economic Notes report, areas such as education and healthcare, which have traditionally been overlooked as job incubators, have actually thrived during this recession. It's time to take these sectors seriously as potential engines for our City's employment growth."
Yesterday, Comptroller Thompson released his quarterly report, Economic Notes, which provided a snapshot into the City's economic climate. The report also featured a detailed analysis on job growth in the 20 largest metropolitan areas before and after the recession.
Economic Notes featured NYC economic indicators such as:
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Real Gross City Product fell an estimated 1.6 percent in 3Q09 after a 3.2 percent decline in 2Q09, while the U.S. economy rose 3.5 percent during the third quarter
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NYC payroll jobs fell by 57,000 in September, bringing the total job losses to 113,700 since August 2008
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General sales tax collections fell 12 percent in 3Q09 from 3Q08, and
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Ridership on NYC Transit plunged 4.5 percent in 3Q09 on a year-over-year basis
To view the complete issue of economic notes visit www.comptroller.nyc.gov