NYC... Unemployment at... 10%

[brotherplanet]

NYC's jobless rate hits 10 pct in June, though jobs added


(Reuters) - New York City's unemployment rate rose to 10 percent in June even as the city's private sector created 11,500 new jobs, the state Department of Labor said on Thursday.

The jobless rate was at 9.7 percent in May.

Wall Street, the bedrock of the city's economy, added 2,200 workers in June, boosting the sector's total employment to 173,000. The addition fits the usual pattern for June when New York Stock Exchange member firms typically hire interns.

One year-ago, Wall Street employed 171,700 workers.

Public-sector employment, however, fell by 6,200 in June from May.

The conflicting signals of an increase in the unemployment rate and an increase in jobs probably reflected workers who commute into the city for their jobs, said James Brown, a labor market analyst with the state Department of Labor.

"It obviously suggests the city residents are not fully participating in the job growth that's occurring in the city," Brown said.

"The city's over-the-year private sector growth rate -- 2.5 percent -- was above the state's, 1.9 percent, and the nation's 1.8 percent," Brown said in a statement.

In June 2011, the city's unemployment rate was 8.9 percent.

On a seasonally adjusted basis, New York City added 5,100 jobs in June, noted Barbara Byrne Denham, chief economist at Eastern Consolidated, a real estate investment services firm. She said the gain is significantly below gains of the last five months and that May's jobs figure was revised down to just 7,700 new jobs, seasonally adjusted, from the original figure of 12,300 new jobs.

"The net effect of these updates is that the year-to-date gain is now 62,500 jobs, just ahead of the year-to-date tally reported last month, 62,400 jobs." she said in a statement.

"The gains in June are lower than in recent months but are more in line with other anecdotal findings in the economy," she added, citing "a slow Manhattan office leasing market, a decline in national retail sales and a general uncertainty about the global economy because of the ongoing European debt crisis."

New York state's unemployment also rose in June, to 8.9 percent from 8.6 May, and up from 8.2 percent one year ago.

The U.S. unemployment rate was 8.2 percent in June.

"The latest job statistics show that while New York has regained all of the private sector jobs it lost during the state's recession, the United States has only recouped 42 percent of its lost jobs," said Bohdan Wynnyk, deputy director of the Division of Research and Statistics, for the Department of Labor.

As economies improve, more people typically start looking for work, which can drive the unemployment rate higher.



http://www.reuters.com/article/2012/07/ ... 3U20120719

[MurrayFiend]

The conflicting signals of an increase in the unemployment rate and an increase in jobs probably reflected workers who commute into the city for their jobs, said James Brown, a labor market analyst with the state Department of Labor.

"It obviously suggests the city residents are not fully participating in the job growth that's occurring in the city," Brown said.

He also said, "GET UP!" and, "HUUHH!"

[Constantine]

The more people receiving unemployment, disability and foodstamps the more votes for Obama. If Romney is evil like the Bush and Obama administration then the whole damn planet is really fucked and we might end up with a nuclear apocalypse.

[Bourbon Cowboy]

Better make sure all those white flags are washed and clean, Frenchy.

Remember, the correct words to avoid possibly being shot are: ne tredrazia pojalusta!

[brotherplanet]

Better make sure all those white flags are washed and clean, Frenchy.

Remember, the correct words to avoid possibly being shot are: ne tredrazia pojalusta!

You might want to look up the Battle of Yorktown.

[Bourbon Cowboy]

Why? Was that Obama's fault too?

[Danzig in the Dark]

Why? Was that Obama's fault too?

[Crazy Levi]

I live in NYC and have a job. So fuck you and everyone else. I fail to see the problem.

I'm a republican now. Its great to not give a shit about anybody but myself.

[Turner Coates]

The conflicting signals of an increase in the unemployment rate and an increase in jobs probably reflected workers who commute into the city for their jobs, said James Brown, a labor market analyst with the state Department of Labor.

"It obviously suggests the city residents are not fully participating in the job growth that's occurring in the city," Brown said.

He also said, "GET UP!" and, "HUUHH!"

Good GAWD!

[Luminiferous]

I live in NYC and have a job. So fuck you and everyone else. I fail to see the problem.

I'm a republican now. Its great to not give a shit about anybody but myself.

[DEATH ROW JOE]

"The latest job statistics show that while New York has regained all of the private sector jobs it lost during the state's recession, the United States has only recouped 42 percent of its lost jobs," said Bohdan Wynnyk, deputy director of the Division of Research and Statistics, for the Department of Labor.

The US has not even surpassed the private sector employment level it was at when the first Bush recession started in March 2001.

There were 111.556 million employed in the private sector in March 2001. In June 2012, there were 111.145 employed in the private sector. You have to go all the way back to July 2000 when there were 111.137 employed in the private sector to see any job growth. So number of jobs created by the Bush tax cuts = ZERO.

[brotherplanet]

Why? Was that Obama's fault too?

You don't actually know about the Battle of Yorktown or the French participation in it, do you?

[Bourbon Cowboy]

Settle down Beavis. I know all about the Battle of Yorktown and France's participation with the Americans in the defeat of the British.

I also know Constanturd wasn't among the French soldiers.