Mayor Michael R. Bloomberg today announced the New York City unemployment rate fell to 4.8% in February, down from 4.9% in January and 5.3% a year ago, according to the New York State Department of Labor. The number of New Yorkers employed rose by 39,600 in the past year. The unemployment rate has fallen steadily over the past four years from 8.6% in February 2003, 7.8% in February 2004, 5.9% in February 2005 and 5.3% in February 2006.

“After record low unemployment in 2006, we’re off to an even better start in 2007,” said Mayor Bloomberg. “New York City’s unemployment rate through the first two months of 2007 was the lowest since the first two months of 1988. Our five-borough economic development strategy is creating jobs and economic opportunity throughout New York City, and the declining unemployment rate is evidence that our efforts continue to pay off.”