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

by
July 20, 2012

(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.

To read more, visit: http://www.reuters.com/article/2012/07/19/usa-newyorkcity-unemployment-idUSL2E8IJH3U20120719

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