New York State (NYS) Unemployment Remains High
NYS Unemployment 2010: Since the onset of recession, millions of workers have lost their jobs with a lot of companies filing bankruptcies and laying off their employees.
As a result, unemployment rates are increasing and with most Wall Street companies located in New York, NYS has recorded one of the highest unemployment rates in the United States.
As of the current statistics, New York State’s official unemployment rate was 10.2 percent last month, down from 10.4 percent in January. That was definitely significantly higher if you compared to the unemployment rate of the whole US which is recorded at 9.7 percent last month.
In addition, statistics also said that the unemployment rate in New York State among youth is over 21 percent in which it appears that 1 out 5 young men is unemployed.
Among several industries, the construction industry has been one of the weakest areas registering the highest unemployment rates in New York State. Though there are signs suggesting that the US economy is recovering, NYS will likely see a few more months of job losses that could put the cumulative loss at just under 200,000 jobs.
Good thing that the US government recently implemented its unemployment extension benefits for those who are laid off in their jobs. If you are curious about this unemployment extension bill, you can browse the document here.Follow us on Twitter to get free up-to-date news via tweets from the World Correspondents, or you can subscribe to us by entering your e-mail below. You can confirm your free subscription by clicking the confirmation link that will be sent to your e-mail address. Once you've confirmed, then you're good to go.