Jobs in New York City Lost in November
According to the most recent statistics from the state Labor Department, over the last year employers have done away with 16,400 financial activities jobs in New York City. During the course of November alone total employment in this industry fell by 2,400 positions. This means that the sector currently provides work for 454,900 area’s residents.
With many banks struggling and the real success of the bail out still unknown, it is no surprise that employers in securities and investment-banking did away with 17,100 during the last 12 months. According to the Labor Department, 1,400 of these New York City jobs were cut during the November, which brought total employment down to 170,100.
During the same month, the city’s unemployment increased from 5.7 percent to 6.3 percent, which meant that November had the highest jobless rate that New York has experienced since February of 2005. As of a year ago, only 5.1 percent of the state’s residents who were actively seeking work were unable to secure employment. Nationally the unemployment rose to 6.7 percent.
According to Bloomberg.com, James Brown of the state’s Labor Department said that the economic recession could be seen in the fact that this is the city’s first year-to-year “negative growth rate” since 2004.
“Historically, November has been the best month of private- sector job creation, with a 10-year average gain of 26,000,” said Brown. “This was the first loss for leisure and hospitality since the current data series began in 1990.”
Other industries that saw a decline in employment during November included the leisure and hospitality sector, which did away with approximately 1,000 jobs. This may truly show how bad the troublesome economy is bothering employers in the area, because many businesses hire new staff members during this time in order to help with holiday visitors.
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