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.
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’sThe 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 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 moves are the result of sharply plunging profits as the stock market correction has led to a plunge in lucrative initial public offering and merger work.New York metro area office occupancy increased by 3 percentage points, to 38%, in the week after Labor Day, according to the latest data from the office security company Kastle, though it remains below the 43% mark reached in the late spring.
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