NYS Unemployment

According to a report by State Department of Labor NYS unemployment has increased by 1.7 % over the past year. The data for New York City shows a slight fall in February as compared to 10.4% in January. The employment statistics have created a hope that recession is leaving the economy. The NYS unemployment is still higher than the aggregate unemployment levels in United States that is estimated at 9.7%. The number of jobs in private sector has increased but the real state and banking sector has not shown any improvement. People employed in banking sector and real state are still loosing jobs. The NYS unemployment rate in youth is round 20 percent that means every one out of five young people is unemployed.

According to the Labor statistics last year more than one hundred fifty thousand people were added to the list of unemployed people. Last month less than 6000 new jobs were created in the state. NYS unemployment

has fell along with twenty three other states of America. However the analysts expect that more unemployment will increase as the businesses that are incurring losses might lay off jobs for downsizing or reducing un-productivity levels.

The New York state has extended the unemployment benefit program for another month. The website of labor department is guiding people as to how to claim the unemployment benefits. There is also a program for reemployment of those laid off from their jobs. The real picture of the economy’s recovery will be available at the end of the quarter.

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