NYC Unemployment Jumps Sharply — Largest in 7 Years

NEW YORK -

A revised unemployment rate shows that more New York City workers lost their jobs in September than in any single month in seven years.

The state’s Labor Department figures show that the 5.8 percent jobless rate in September is up from 5.2 percent from September of 2015. The 0.4 percent jump is the sharpest downturn since May of 2009.

A more accurate job prediction — looking at how many people in the state actually have a job as a percentage of the total population — is also down from the previous year. This means that the rising unemployment rate wasn’t triggered by workers who had previously been discouraged from looking for work now reentering the job market.

Jim Brown, a state labor market analyst, told The Wall Street Journal that it is hard to deduce anything from the decline, especially given the record high number of jobs in the city reported earlier this year.

“It is definitely showing that the labor market is not as strong as it was a year ago or six months ago,” he said. “That is not saying that we are going into a recession.”

Mayor Bill de Blasio has jacked up the city’s budget since coming into office three years ago, going from a $72 billion budget to $82 billion this year. His budget relies on forecasts showing continuing job growth well into the future. A slide in employment could lead to gaps.