NYC Employment Alert
Provides thorough data on a monthly basis on how many overall jobs have been gained and lost, as well as where those gains or losses occurred.
Why Is New York City’s Unemployment Rate Increasing When Job Growth Is So Strong?
New York City’s economy is thriving: since the depth of the last recession, New York City has added 205,000 jobs. Who is getting these added jobs? Well, in short, no one. The unemployment rate in New York City has climbed to 10.0% as of July, and the number of New York City residents employed is lower than it was at that recession nadir. So, one would conclude, these jobs went to commuters? The data suggests otherwise.
The problem with New York City’s continuously contradictory statistics lies deep within the working models used by the Bureau of Labor Statistics (BLS) to calculate the unemployment rate. While much of their model is too arcane to elaborate on here, we have researched this issue thoroughly and hope to clarify the issues to convey our lack of faith in New York City’s unemployment statistics.