More than 40 percent of jobs gained during 2003-2008 expansion are erased
ALBANY – New York State's seasonally adjusted private sector job count has dropped for seven consecutive months, the State Labor Department reported yesterday.
Since peaking in August 2008, the job count in New York has decreased by 176,100 private sector jobs, erasing more than 40 percent of the 400,000 jobs added during the state's last economic expansion from 2003-2008.
While the recently announced layoffs of 106 workers at Meadwestvaco in Sidney haven’t been figured into the equation yet, slightly more workers were employed last month in Chenango County compared to in February.
Unemployment in Chenango County was 10.1 in March compared to 10.7 percent in February.
Last month’s figure compares, however, to a 7 percent rate in March of 2008. Chenango County’s unemployment rate is currently higher than 43 of New York’s 62 counties.
New York State's unemployment rate, after seasonal adjustment, was unchanged at 7.8 percent in March 2009. New York City's rate also held steady at 8.1 percent in March 2009. The rate outside of New York City was 7.6 percent in March 2009, the same as in February. The number of unemployed New Yorkers climbed to 765,900 in March, its highest level since September 1992.
“Although New York State's unemployment rate held steady in March 2009, current evidence suggests that the national economic downturn will likely continue to negatively affect the state's labor market in the coming months,” said Peter A. Neenan, Ph.D., director of the Division of Research and Statistics.
Since peaking in August 2008, the job count in New York has decreased by 176,100 private sector jobs, erasing more than 40 percent of the 400,000 jobs added during the state's last economic expansion from 2003-2008.
While the recently announced layoffs of 106 workers at Meadwestvaco in Sidney haven’t been figured into the equation yet, slightly more workers were employed last month in Chenango County compared to in February.
Unemployment in Chenango County was 10.1 in March compared to 10.7 percent in February.
Last month’s figure compares, however, to a 7 percent rate in March of 2008. Chenango County’s unemployment rate is currently higher than 43 of New York’s 62 counties.
New York State's unemployment rate, after seasonal adjustment, was unchanged at 7.8 percent in March 2009. New York City's rate also held steady at 8.1 percent in March 2009. The rate outside of New York City was 7.6 percent in March 2009, the same as in February. The number of unemployed New Yorkers climbed to 765,900 in March, its highest level since September 1992.
“Although New York State's unemployment rate held steady in March 2009, current evidence suggests that the national economic downturn will likely continue to negatively affect the state's labor market in the coming months,” said Peter A. Neenan, Ph.D., director of the Division of Research and Statistics.
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