New York City Unemployment Reaches Lowest Level Since 2006

Unemployment Down 3.3 Percentage Points Since Mayor de Blasio Took Office

WASHINGTON, D.C. – November 20, 2015 – (RealEstateRama) — Statement from Deputy Mayor for Housing and Economic Development Alicia Glen: “We are laser-focused on growing this economy and making sure it works for more New Yorkers. And what we are seeing is tremendous. Jobs are up. Wages are up. More New Yorkers have access to benefits like paid sick leave and a living wage. We’re determined to deepen these trends.”

Statement from New York City Economic Development Corporation President Maria Torres-Springer: “Our mission is to grow quality jobs across the five boroughs, and these numbers show not just more jobs, but better jobs for New Yorkers. Unemployment is down 3.3 percentage points since Mayor de Blasio took office, and with average weekly earnings up, more New Yorkers are now in better position to support their families. Growth in the healthcare and tech sectors means that more people are on pathways to careers in well-paying fields. These numbers are extremely exciting, and we will continue to work to create even more quality jobs here in New York City.”

The New York State Department of Labor today released October 2015 jobs numbers for the City of New York. According to the numbers, New York City’s unemployment rate has reached its lowest level since August 2006, dropping a full four tenths of a percentage point since last month from 5.2 percent to 4.8 percent, putting it below the national unemployment rate for the first time since June 2011. The Citywide unemployment rate is down from 6.6 percent this time last year. It is down from 8.1 percent in December 2013, representing a 3.3 percentage point decrease in unemployment since Mayor de Blasio took office.

The City also gained 47,700 jobs last month on a pre-seasonally adjusted basis, well above the typical number for October. Growth was especially strong in healthcare, retail, and finance over the last year. Average weekly earnings for New York City private sector workers are up 2.4 percent from last year. There are currently 4,255,100 total jobs in New York City.

About NYCEDC

New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook or follow us on Twitter, or visit our blogto learn more about NYCEDC projects and initiatives.

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