FOR IMMEDIATE RELEASE
October 18, 2007
STATEMENT BY MAYOR MICHAEL R. BLOOMBERG ON NEW YORK CITY'S DECLINING UNEMPLOYMENT RATE
Mayor Michael R. Bloomberg today announced that New York City unemployment rate fell to 5.1% in September from 5.7% in August 2007. During the same period, the number of unemployed New Yorkers fell by 25,200, the largest month-over-month decline since comparable data collection began in 1978, according to the New York State Department of Labor. 12,500 more City residents were employed in September 2007 than in the same month last year.
"New York City's economy continues to grow, and today's news on our unemployment rate is another indication that our efforts to attract and retain jobs in the City are working," said Mayor Bloomberg. "The number of unemployed New Yorkers is falling at an historic pace. Our comprehensive economic development strategy stretches across all five boroughs - with safer streets, stronger schools, and a better quality of life. By making smart investments, it's no wonder that New York City continues to be a top choice for businesses to locate and create jobs. It's important that we remain optimistically guarded as we continue to grow and show continued fiscal prudence in case of predicted downturns in the economy, so that we remain competitive in the future."
Stu Loeser/John Gallagher (212) 788-2958