Sept 20 New York City's unemployment rate eased
to 9.9 percent in August from 10 percent in July, the state
Department of Labor said on Thursday, and the city's most
important industry, Wall Street, hired about 1,000 workers.
Still, the latest unemployment rate for America's most
populous city was higher than the year-ago level of 9.1 percent.
New York state's unemployment rate was unchanged in August
at 9.1 percent, and was also higher than the year-ago level of
8.3 percent, the Labor Department said.
In comparison, the U.S. unemployment rate was 8.1 percent in
August, down from 8.3 percent in July and 9.1 percent a
New York City's securities industry, the backbone of its
economy, grew to a total of 171,600 employees. That was below
the year-ago level of 174,000. The August gains might not be
sustained. Several banks, under pressure to cut costs amid an
uncertain economy, in July were planning fresh rounds of staff
cuts in trading and underwriting..
New York City's private employers hired 93,100 workers in
the 12-month period ending August 2012, said James Brown, a
labor market analyst, with the state Labor Department.
Commuters appeared to be among the beneficiaries. "The
number of city residents with jobs is essentially flat over the
prior 12 months," he said in a statement.