NY Unemployment Rises

http://www.EmploymentCrossing.com

Unemployment in New York State rose to 5.8 percent in August, a significant increase from 5.2 percent in July.

The state Labor Department says it was the largest month-to-month increase in unemployment in 17 years.

New York City’s jobless rate rose even more sharply, up to 5.8 percent from 5.0 percent in July – the largest increase since the Gerald Ford Administration. Many of the layoffs were in the self-destructing financial sector, one of the city’s biggest employers and the provider of nearly one-fourth of its annual wages and salaries.

The national unemployment rate rose to 6.1 percent, from 5.7 percent, during the same period. New York State ranks 24th in unemployment nationally.

In the past year, New York created 40,000 jobs, largely in education, health care tourism, and government.