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City's Unemployment Rate Falls to Lowest Level in More Than 10 Years
Mayor Rudolph W. Giuliani announced today that, according to employment figures released by the New York State Department of Labor, New York City's private sector job growth remains strong, with the creation of 7,400 new private sector jobs in October.
When compared to October of last year, private sector employment is up 89,200 jobs. Since January 1994 the City has created almost 440,000 new private sector jobs, a dramatic reversal after the City's loss of 348,000 jobs in the early 1990s.
In addition, the Mayor also noted that the City's unemployment rate fell to 5.4%, from 5.6% in September, to the lowest rate in more than 10 years. The City's unemployment rate is down more than four percentage points since December 1993, when unemployment was 10.2%.
"New York City is on pace for another record year in job creation," said Mayor Giuliani. "With the creation of an additional 7,400 new private sector jobs last month, this is more great news for our City's economy and further proof that New York City's economic renaissance continues to surge."
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