The latest reports from the State Labor Department on Thursday divulged that the unemployment rate for New York City has come down to 9.5%. The decrease has been witnessed for the 6th consecutive month.
Though the unemployment rate of the city stood at 10.5% at the end of 2009, the trend being experienced has been of the downfall.
It is believed that in the previous month, approximately 8,300 jobs have been added in the private sector and the same has been a noteworthy rise, while the recession is rampant. Further, the sectors of construction, and leisure and hospitability witnessed the sturdiest gains.
Touching the lowest in 14 months, the unemployment rate for the city of New York stood at 8.2%. Further, about 22,500 jobs were axed in the month of June and the same is about 50% that were with the Census Bureau.
According to the Labor Department, the dip in the unemployment rate has been experienced even though the there has been a sharp fall in the number of people who were the employed state residents. It is reported that the number of the state residents who are unemployed has been 800,000. The same has been witnessed for the first time.
Reports also confirm that there has been a decrease in the number of people who have collected the unemployment insurance each week in New York. The reason for the same is being attributed to the fact that majority of the people have worn out the benefits. Also, it is believed that the Congress has not accepted another extension.