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NYC economy, job growth slowed in spring, Scott Stringer says in report

A report from City Comptroller Scott Stringer says

A report from City Comptroller Scott Stringer says the city's GDP grew at 1.7 percent this past quarter, the slowest pace since 2013. Photo Credit: Getty Images / Kena Betancur

The city’s economy slowed in the second quarter of this year as the city added fewer jobs in the spring than the winter, according to the city comptroller.

Scott Stringer’s quarterly economic update report found that the city’s GDP grew 1.7 percent between April and June, the slowest pace since the fourth quarter of 2013. The comptroller said there are a few factors behind the sluggish growth, including a decline in investment due to the economic turmoil overseas.

“Our city’s economy is still growing — but in 2016 we’ve gone from a sprint to a jog,” he said in a statement.

Job growth also saw a drop, adding 13,400 jobs in the second quarter. That represented a 1.4 percent increase, which was 3.2 percent lower than the surge in the first quarter.

Despite those warning signs, the report says New York is ahead of the rest of the nation’s economy as the national GDP is 0.5 percent lower than the city’s output.

City unemployment also fell from 5.7 percent in the second quarter of last year to 5.4 percent during the same period in 2016.


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