Although New York regained 95 percent of the jobs lost during the recession in the past two years, some regions continue to struggle and the state’s unemployment rate is rising again, according to a new report from state Comptroller Thomas DiNapoli.
“New York’s economy is slowly recovering, but challenges remain, including the European debt crisis and deficit cutting decisions in Washington,” DiNapoli said in a news release. “The national economy also appears to be slowing, which could impact New York’s recovery. We are not out of the woods yet.”
Several Upstate cities have regained only a portion of jobs lost during the downturn, according to the report. Syracuse has regained just 6,900 of the 13,700 jobs lost. Many of the jobs added during the recovery have been in industries that often pay less than those lost.
(Sponsored)
Finding the Right Business Banking Partner: 4 Considerations to Support your Search
In today’s increasingly dynamic and competitive business environment, finding the right banking partner to meet the needs of your business is critical to your success. Banks are not one-size-fits-all and
Is Your Small Business Ready for the Unexpected?
Essential Coverage Every Family Enterprise Needs Small businesses are built on big dreams, and those dreams run even deeper when family is involved. You’ve invested your time, money, and heart
DiNapoli also noted that the securities industry, one of the state’s major economic engines, still faces uncertainties. The industry reported large losses in the second half of 2011.
That contributed to a 14 percent decline in cash bonuses and renewed job losses, according to the report.
Contact Tampone at ktampone@cnybj.com
