New York State unemployment rates are at a 25 year high, like many other states in the country. Historically, the New York state unemployment rate is much below the national averages. However, according to the NYS Department Of Labor the August 2009 New York state unemployment rate is 9.0 percent, compared to a national average of 9.7%. In Aug 2008 only one year ago, the state had an unemployment rate of 5.7 percent.
Some fear that the governments official statistics may be too conservative and that the actual unemployment rates may be much higher.
New York City jobs have been hammered by the complete collapse of the financial and banking industries in 2008. Of course, New York state unemployment could be much worse. After all, some states such as Michigan have double-digit unemployment numbers.
“Government cannot produce wealth, only redistribute it.”
New York State Job Overview
Government +39,700
Educational & Health Services +31,800
Other Services +7,500
Industries With Job Losses:
Trade, Transportation & Utilities – 64,200
Professional & Business Services – 51,500
Manufacturing – 45,200
Financial Activities – 42,900
Construction – 26,000
Information – 12,500
Leisure & Hospitality -3,900
Natural Resources & Mining -300
ref:NYS Labor Dept
The most recent labor market overview data shows that the only jobs being created are in the government sector or the service sector. While every other productive sector is rapidly shedding jobs. This should be a clear indicator that we have not achieved any measure of recovery yet and the recession is still marching forward at an unstoppable pace.
You must realize that in order to pull ourselves out of this economic crisis we need to start producing real jobs. The government is stretched thin and while we welcome new job opportunities for the unemployed, government bureaucratic jobs are non-productive. To get the economy back on pace we need manufacturing, commodities and infrastructure.
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