A year ago, the city’s unemployment rate was 6.7%.
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The unemployment rate fell to 5.0 per cent last month, the lowest level since early 2008.
KEY DRIVERS: Businesses appear to have been mostly unfazed by a weaker economy in the July-September quarter, when growth slowed to just 1.5 percent at an annual pace.
NY City’s unemployment rate dropped almost 2 percentage points over a year. This is the continuing jobless claims, and it comes with a one-week lag.
Employers stateside added a seasonally-adjusted 271,000 jobs in October, a solid acceleration over the prior two months.
“We are laser-focused on growing this economy, and making sure it works for more New Yorkers”, said Alicia Glen, deputy mayor for housing and economic development.
The four-week average of claims, a less-volatile measure than the weekly figure, climbed to 270,750 from 267,750 the week before.
“A strong over-the-month increase of 29,000 jobs helped push our unemployment rate to its lowest level in seven-and-a-half years”, Georgia Labor Commissioner Mark Butler said in a statement.
There was an increase of 10,400 non-farm jobs in the state from September to October, with the largest increases occurring in professional/business services, government, and wholesale trade jobs.
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The number of people that are receiving benefits was mostly unchanged, at 2.18 million. That’s down from September’s rate of 5.8%. Applications below 300,000 typically signal a healthy job market.
