Tag: Recession
Some Hit Harder by Recession, Report Shows
by admin on Apr.08, 2010, under employment
New York State Comptroller Thomas DiNapoli recently released a report indicating that the recession has hit some groups of New Yorkers harder than others. The report, which examines employment trends from December 2007 through December 2009, shows that unemployment among black and Hispanic workers rose to 14.8% and 13%, respectively, while other groups experienced rates in the range of 7%. “This has not been an equal opportunity recession,” DiNapoli said. “All New Yorkers have felt the weight of the recession, but it’s clear that some groups have been hit much harder by unemployment.”
Unemployment is also split along lines of gender and education, the report shows. Unemployment among men jumped from 4.9% to 9.8% during the recession, while the rate for women rose more modestly from 4.4% to 7.7%. Unemployment among workers without a high school diploma stood at 15.5% in December 2009, compared to a rate of approximately 6% for workers with college degrees.
Statewide, jobs declined by 3.3% from a peak in July 2008 through December 2009, DiNapoli reported. Excluding the education and health services sectors, which added jobs, the workforce declined by 347,000 jobs, a loss of 4.8%. The construction sector was hardest hit, losing 42,300 jobs, a drop of 11.6% of the jobs in the sector. Manufacturing lost 54,000 jobs, declining 10.1%. Financial services lost 44,200 jobs, a decline of 6.1%, while professional and business services lost 68,300 jobs, a decline of 5.9%.
Read the full report at www.osc.state.ny.us/osdc/rpt20-2010.pdf.