HOW HIGH WILL IT GO?

Feb 5, 2003
Press Release
Washington, DC- Today, the Bureau of Labor Statistics released the latest statistics on employment and unemployment, and the New York metropolitan area ranks second in the largest over-the-year employment decrease. In other words, from December 2001 to December of 2002, the New York metropolitan area lost over 45,000 jobs - second to Chicago, IL, who lost over 57,000 jobs. The over all unemployment rate for New York State has jumped from 6.5% in December of 2001 to 7.5% in December of 2002. The national employment rate in December was 5.7%.

"Is the Administration waiting to see how high unemployment will go? These numbers, while not shocking, should serve as a wake-up call to the Administration on the importance of stimulating the economy now. In his State of the Union speech, the President said 'We must have an economy... to employ every man and woman who seeks a job,' yet under his Administration we have lost over 1.7 million jobs, and produced the worst job creation record of any administration in the last 58 years. It's unacceptable," said Congresswoman Carolyn B. Maloney in a statement today.

In December of 2001, there were 489,000 unemployed workers in New York State, and the number jumped to 545,500 in December of 2002, just one year later. In New York City, the total number of unemployed workers in December of 2001 was 247,500 but jumped to 292,100 in December of 2002.

For the complete Metropolitan Area Employment and Unemployment Report from the Bureau of Labor and Statistics, please go to: www.bls.gov/sae (Employment) and www.bls.gov/lau (Unemployment).

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