New York continues to add jobs
The dots mark the unemployment rate for each April since 2000. It's easier to read large.
The Capital Region's unemployment rate was 6.5 percent in April, according to the state Department of Labor. It was 7.2 percent in March and 6.5 percent in April 2009. (April to April is the best comparison because the local unemployment rate is not seasonally adjusted.)
The labor department reports the Capital Region added more than 4,000 jobs last month. There were almost 30,000 people unemployed in the Capital Region.
New York State's overall unemployment rate was 8.4 -- that's lowest rate since May 2009. The state's rate was 8.6 in March and 8.1 in April 2009 (seasonally adjusted). The labor department says the state added jobs for the fourth straight month.
That unemployment rate for the entire United States was 9.9 percent in April.
Breakouts for individual Capital Region counties are after the jump.
Ten year figures from NYS DOL and federal Bureau of Labor Statistics
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New York State's overall unemployment rate was 8.4 -- that's lowest rate since May 2009. The state's rate was 8.6 in March and 8.1 in April 2009 (seasonally adjusted). The labor department says the state added jobs for the fourth straight month.
8.4 does not seem to be significantly different from 8.6. In fact, that's only 2.4% difference. What's the margin of error of these data, by the way? The acceptable error in engineering calculations is frequently set at 5% so the conclusion about job market improvement in misleading at best.
More that that, their method of computation is questionable at best. Officially an unemployed person is one who receives unemployment benefits. But one can only get them for certain amount of time. When benefits run out a person is not counted as unemployed anymore (!!!).
So their data basically show a constant influx of newly unemployed workers rather than a rosy picture of economic recovery.
Also, it seems like economy has used up all the labor market "buffers". Those who could afford to quit job marked did so through early retirement, conversion to a housewife or even going back to school but jobs are no easier to find.
... said Lu on May 22, 2010 at 3:23 AM | link