Posted on 09/17/2009 3:58:14 PM PDT by Steelfish
September 17, 2009
City Unemployment Rate Exceeds 10% By Patrick McGeehan
New York City’s unemployment rate jumped to 10.3 percent in August as the number of city residents unable to find work rose to a record high of 415,800, state officials said on Thursday.
The city’s unemployment rate, up from 9.5 percent in July, is higher than the national rate of 9.7 percent and much higher than the 8 percent reported for the rest of the state, the State Labor Department’s figures show. Gov. David A. Paterson and other state officials said that the new data emphasized how the financial crisis has devastated the financial services industry that was the main engine of the city’s growth in the last boom.
The recession may be over for the rest of the nation, as Ben S. Bernanke, the chairman of the Federal Reserve, has suggested, Mr. Paterson said, but New York is still caught in its throes.
“What he’s saying about the national recession doesn’t apply to us,” Mr. Paterson said at a news conference at the Borough of Manhattan Community college in Lower Manhattan.
New York is going to face “tough sledding” for another year or more, he said.
The city’s unemployment rate was the highest since May 1993, the labor department said.
(Excerpt) Read more at cityroom.blogs.nytimes.com ...
The recession is over? Where?
More and more cities and states are posting numbers well north of 10%, I just don’t see how the national numbers stay below 10% unless they are being twisted and tortured for that specific purpose in which case we need to get that message out as loudly and as often as we can.
And still climbing.
Or, suddenly, illegal aliens don’t count in the employment figures.
Anywhere they need to convince the masses that we can now afford the Obamacare plan.
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