NYC Unemployment Rate Drops to 4.8%, Its Lowest Since 2007by
City and state unemployment rates fall below national level
Record jobs and rising incomes fueling higher tax revenue
New York City’s unemployment rate fell to 4.8 percent in October, its lowest since February 2007, according to the state Labor Department.
Last month was the first since June 2011 that the largest U.S. city’s jobless rate was lower than the national level, which was 5 percent. New York state also had an unemployment rate of 4.8 percent in October, the department reported Thursday.
“We are laser-focused on growing this economy, and making sure it works for more New Yorkers,” said Alicia Glen, deputy mayor for housing and economic development. “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.”
The job growth was consistent with an unanticipated $304 million increase in revenue from personal income, business and property taxes that Mayor Bill de Blasio reported in a Nov. 12 interim financial report. The added revenue allowed the mayor to increase spending by $169 million in the current fiscal year to pay for added police protection, affordable housing and homeless services. Another $135 million has been carried over as surplus for fiscal 2017, which begins July 1, the mayor said.
Average weekly earnings among private workers in the city increased 2.4 percent over the 12 months since October 2014.