Unemployment Rate Jumps As More New Yorkers Seek Jobs – THE CITY

by | Sep 15, 2022 | Jobs

New York City’s unemployment rate jumped by more than half of a percentage point in August — and ironically, it is a sign of an improving job market. Meanwhile, the city’s long slog to recover all the jobs lost in the pandemic continues.The jobless rate in the city rose to 6.6% from 6.0% last month, the state Department of Labor reported Thursday, because more people began looking for work in August than earlier in the summer.The increase may be a sign that rising prices are forcing some people who had been able to cover expenses without a job to now seek traditional employment. It also means there will be more applicants for jobs employers say they haven’t been able to fill.The Labor Department determines the unemployment rate by dividing the number of unemployed by the number of people in the labor force. But it counts as unemployed only those who have actively looked for work in the past four weeks. When people start looking again, they are counted as unemployed until they find a job — pushing up the jobless rate.The city added only 16,500 jobs in August, leaving New York 161,600 jobs below the pre-pandemic record of 4.715 million while the nation has now exceeded the number of jobs before the pandemic.A Disappointing July for TourismThe tourism rebound in New York faltere …

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