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NYC Unemployment Rate Drops to 4.8%, Its Lowest Since 2007

  • 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.