Friday, July 20, 2012
All lined up and no place to work
Despite continued job gains, the city's unemployment rate jumped to 10% in June, from 9.7% in May, matching its recession peak, the state Department of Labor reported Thursday.
The jobless rate was more than a full percentage point above last June's figure.
An analysis of employment over the past four years by the Fiscal Policy Institute shows that blacks have been hit especially hard. Household employment in the city was down 2.9% for the 12 months through May from four years earlier, but down 13.3% for black men and 8.6% for black women. It was up 8.4% for white women, the analysis showed.
An increase in people who held multiple jobs or were self-employed moving back into payroll employment could also account for some of the disparity. Mayor Michael Bloomberg also pointed to another factor: an expanding workforce. "As fast as New York City is creating jobs, people are entering the labor market even faster, which indicates optimism and confidence in the long-term future of New York City," he said in a statement.
I thought a third term for Mike Bloomberg was supposed to take care of all this. What happened, fiscal genius?