The city has seen a net loss of 85,400 jobs since the labor market peaked in August, wiping out 32% of the job gains made since the end of the last recession in 2003, according to an analysis of New York State Department of Labor data by real estate services firm Eastern Consolidated.
After adjustments to last year’s data, the city’s unemployment rate fell to 6.9% in January, from 7% in December, the state labor department reports. But the January 2009 figure was significantly higher than in January 2008, when unemployment was 4.8%. The number of unemployed city residents jumped to 290,600 in January 2009, up 41% from a year earlier.
The sharpest losses since August were in financial activities, construction, and business and professional services, which eliminated a combined 48,600 jobs.