Friday, July 20, 2012
New York City's unemployment rate rose to 10% in June 2012 even as the city's private sector created 11,500 new jobs, the state Department of Labor has said
The jobless rate was at 9.7% in May 2012. Wall Street, the bedrock of the city's economy, added 2,200 workers in June 2012, 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. In June 2011, the city's unemployment rate was 8.9%. On a seasonally adjusted basis, New York City added 5,100 jobs in June 2012, noted Barbara Byrne Denham, chief economist at Eastern Consolidated, a real estate investment services firm. She said that 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. New York state's unemployment also rose in June 2012, to 8.9% from 8.6% in May, and up from 8.2% one year ago. The U.S. unemployment rate was 8.2% in June 2012.