Mayor Michael R. Bloomberg today announced the New York City unemployment rate fell to 4.3% in December, dropping the average unemployment rate in 2006 to 5.0% for the first time since comparable employment data collection began in 1976, according to the New York State Department of Labor. The previous yearly low was 5.1% in 1988. At 4.3%, the City's monthly unemployment rate remained lower than or the same as that of the nation for the fourth straight month. The monthly rate is down from 4.5% in November 2006, 5.8% in December 2005, 6.3% in December 2004, 8.0% in December 2003 and 8.6% in December 2002.

"Yesterday, we outlined an ambitious agenda to take advantage of the unique position of strength New York City is in as a result of five years of innovation, accountability and fiscal responsibility," said Mayor Bloomberg. "News that our average unemployment rate in 2006 was the lowest on record is yet another example how New York's recovery from 9/11 is exceeding our wildest dreams."

Average Annual Unemployment Rates in New York City (1978 - 2006)