New labor data shows unemployment is easing in NYC and NY state
While Superstorm Sandy swept away 29,100 private sector jobs last month, the Empire state racked up 83,500 more private sector gigs than it had this time last year, the New York State Department of Labor announced Thursday. Sectors with the largest gains during the year were professional and business services, followed by educational and health services.
The state's unemployment rate dipped from 8.7% to 8.3% and the city's unemployment rate dropped from 9.2% to 8.8% between October and November despite the loss of positions available in the marketplace.
"The unemployment rate is coming down in the state and the city. We're definitely seeing different indicators and signals," indicating that unemployment is easing, said Kevin Jack, statewide labor market analyst for the New York State Department of Labor. However, the superstorm, which arrived on Oct. 29, meant that many New Yorkers in the telephone survey of 3,100 households for employment data were unable to provide complete information, so the full impact of the storm may not be reflected in the recent numbers
Nor is it not clear whether the jobs that vanished last month were storm-related and will return, though many of them were in leisure and hospitality. "A lot of restaurants were affected by the storm," noted Jack. Officials will have a better understanding after this month's report is released on Jan. 17, he noted.
History shows it can take a bit of time to fully recover from disasters, Jack added: "After 9/11 we lost 125,000 jobs: It took us a few years to bounce back."