Mayor Michael R. Bloomberg today announced that unemployment in New York City fell to 5%, the lowest level since July 1988, and 0.4% lower than last month, according to the New York State Department of Labor.  The number of New York City residents employed rose to 3,608,200, the highest level since comparable data collection began in 1978, surpassing the previous high of 3,599,100 in February 2006.  The number of unemployed City residents decreased by 14,100 last month to 189,000, the lowest number since November 1988.

"New York City's economy continues to grow. With 96,100 more people at work in May 2006 than in May 2005, our efforts to make the City a better place to live and work, and to promote economic growth in all five boroughs, clearly are making a real difference in the lives of New Yorkers."