Rep. Maloney on New York Jobs Numbers

Jun 17, 2010
Press Release
New York, NY – According to data released by New York State’s Department of Labor today, 21,000 jobs were created in New York in the month of May, the fifth straight month of employment gains. The state’s unemployment rate dropped to 8.3% -- the lowest rate since April 2009. However, for the first time since December 2009, New York’s private sector did not experience employment gains. Attached is an "economic snapshot" for New York State, prepared by the U.S. Congress Joint Economic Committee. It provides key New York-specific data on jobs, employment, earnings, and housing.

"The economic recovery continues, both in New York and across the country, but as this report shows, its path is uneven,” said Representative Carolyn B. Maloney, who chairs the Joint Economic Committee. “The good news is that for the second straight month, the unemployment rate went down across the state and in New York City. This good news, however, is tempered by losses in private sector employment and, in particular, the construction sector. Today’s news reminds us how fragile our recovery is and reinforces my commitment to keep focused on jobs, jobs, jobs.”

While Census hiring accounted for most of the job gains, some key sectors in New York did experience growth during May, including trade, transportation, utilities, financial activities, manufacturing and information.

“I remain concerned about the economic health of our small businesses,” said Maloney. “Small businesses need access to credit so that they can expand their operations and hire new workers. It is for this very reason that I have been working with my colleagues on legislation aimed at freeing up capital for creditworthy small firms. I am pleased that the House passed this legislation today that will make it easier for small businesses to get the loans they need.”

Earlier today, the U.S. House passed the Small Business Lending Fund Act of 2010 (H.R. 5297), legislation that will assist states and community banks in their efforts to increase loans to small businesses. Maloney played a role in strengthening the bill as it moved through the House Financial Services Committee, where she is a senior member.