Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: February 3, 1997

Release #064-97

Contact: Colleen Roche (212) 788-2958 or Deirdra L. Picou (212) 788-2958


JOSEPH J. LHOTA, BUDGET DIRECTOR, RELEASES STATEMENT ON CITY COMPTROLLER 'S REPORT OF EMPLOYMENT IN NEW YORK CITY

Joseph J. Lhota, City Budget Director, released the following statement today in response to the City Comptroller's report that the City has fallen behind the U.S. as a whole in job growth:

"New York City is no longer a weak partner in the regional or national economies. Even with the reduction of government jobs at all levels, New York City leads the entire metropolitan region in private-sector job growth. The Giuliani administration has implemented economic development and tax reduction policies that have resulted in three consecutive years of private-sector and overall job growth."

"As noted in the Financial Plan released last week, New York City reversed the national trend in 1996 by adding more private-sector jobs than the surrounding suburbs. The city had 53% of the area private-sector job growth, while it represents only 41% of the regional employment."

"From 1989 through 1992, there were four years of decline in jobs. In 1994, New York City significantly broke the job loss pattern. From 1993 to 1996 private employment grew by 1.3% per year vs. the nation's 2.9%, a far better showing than the past decade when New York City was a significant laggard in comparison to national job growth statistics."

"New York City's unemployment rate is at its lowest point in three years. This is a fact that the City Comptroller should be highlighting. However, the City Comptroller's report focuses on the fact that the city's unemployment rate is 3.1% higher than the U.S average. The city's unemployment rate has, in fact, fallen in comparison to the national unemployment rate. From 1993 to 1996, the national unemployment rate fell just 1.5%, while the City rate was reduced by 1.8%."

"The City Comptroller's report misstates reality regarding inflation in New York City. The report states that the City's rate of inflation is 0.3% above the U.S. urban average. This is not true. The 1996 average annual inflation rate in New York City equaled the national rate, and in the previous two years the average annual inflation rate in the City was less than the U.S. rate."


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