FOR IMMEDIATE RELEASE
March 29, 2006
STATEMENT BY MAYOR BLOOMBERG ON THE DECLINE IN NEW YORK CITY'S UNEMPLOYMENT RATE TO FIVE-YEAR LOW
Mayor Michael R. Bloomberg today announced New York City's unemployment rate fell to 5.3% in February 2006, the lowest since March 2001, according to the New York State Department of Labor. That is down from 5.5% in January 2006, 5.9% a year ago and 7.8% two years ago. The number of New Yorkers employed surpassed the record set the month prior, rising by 20,600 to 3.6 million. In the past year, the number of New Yorkers employed increased by more than 106,000, the largest jump since 2000.
"New York City's unemployment rate is at its lowest level since March 2001, and the number of New Yorkers employed continues to set records," said Mayor Bloomberg. "Clearly, we are making great strides in creating jobs for all New Yorkers. In the past year alone, the number of New Yorkers with jobs increased by more than 106,000, and prior to 2001, the last time the unemployment rate was as low as 5.3% was 1988. I'm pleased with that progress, and our Administration is committed to making sure it continues. Our economic development strategy is designed to create jobs, and we will continue to look for innovative ways to grow the economy and create new jobs in all five boroughs."
Stu Loeser/Jennifer Falk (212) 788-2958