New York State Loses Jobs Due to Sandy
Thursday, December 20, 2012
When Sandy closed down corporate offices in Lower Manhattan and destroyed hundreds of businesses in neighborhoods and towns across the five boroughs, 29,100 workers in New York state lost their jobs, the state Department of Labor said.
The hit to jobs in November was the only sour note in an otherwise positive unemployment report released Thursday.
New York State has experienced a net gain of 83,500 jobs so far in 2012.
"These year-to-date figures are particularly strong given the negative impact of Hurricane Sandy to our state's economy," said Bohdan M. Wynnyk, deputy director of the Division of Research and Statistics for the state Labor Department, in a statement.
An analysis of the Department of Labor statistics by real estate investment firm Eastern Consolidated put the number of jobs lost in New York City in November at 20,700.
"Most of the losses were temporary and should be recouped by 2013," said the firm's chief economist Barbara Byrne Denham, in a statement.
New Jersey also saw job losses in November due to Sandy. The state lost 8,100 private sector jobs, but it has seen a net gain of 20,200 jobs in the last 12 months.
"The storm generated some job losses, particularly in leisure and hospitality, but the total loss for the state was fairly modest, and the unemployment rate continues to drift down," said Charles Steindel, Chief Economist for the New Jersey Department of Treasury, in a statement.
New York, New Jersey and New York City all saw unemployment decline in November, though each still has a higher jobless rate than the national average of 7.7 percent.
In New York State, the unemployment rate fell four-tenths of a percentage point to 8.3 percent in November, according to the state Department of Labor.
New York City saw the same four-tenths of a percentage point decline in November, from 9.2 percent to 8.8 percent.
New Jersey saw a slight decline of one-tenth of a percentage point to 9.6 percent.