Unemployment Up Slightly in New York City
• New York City’s unemployment rate rose to 8.8% in October, from 8.7% the prior month.
• After falling over 1% last year, the unemployment rate has barely moved in 2011.
• The national rate fell to 9.0%, although it remained above the NYC rate for the eighth consecutive month.
New York City Adds 43,000 Jobs Through October
• During the first 10 months of 2011, employment in NYC rose by 43,000 jobs.
• Gains were led by professional and business services (+18,500), trade, transportation and utilities (+12,300) and leisure and hospitality (+10,700).
• Despite concerns of Wall Street layoffs, employment in the financial activities sector has risen by 6,100 so far in 2011.
• The largest declines in jobs were in manufacturing (-3,400), information (-3,200) and construction (-2,100).