Bank Sector Job Losses Weigh on NY Employment

New York's financial services sector shed 4,400 jobs since August 2009, weighing on the state's unemployment rate, according to the New York Department of Labor's August report released Thursday.


The state's jobless rate edged up to 8.3 percent from 8.2 percent in July.

While the state's economy added 2,500 private sector jobs in August — to mark growth of less than 0.1 percent — the month posted lackluster comparisons with July's total of 29,000 jobs created. Nonfarm jobs decreased by 2,300 for the month, after increasing by 10,500 in July.

Since August 2009, New York has gained 48,300 private sector jobs, the bulk of which has been seen in the New York City metro area.

Government led all sectors in job losses, down 65,800 from a year earlier, largely due to local-level cuts from summer youth programs. The manufacturing sector, as well as the combined trade, transportation and utilities sector, also contributed to the state's job reduction, shedding 5,300 and 8,800 jobs, respectively.

Among the job-gaining industries, leisure and hospitality led the way, adding 24,600 posts over the past year. Educational and health services also helped, opening up 18,000 positions in the period.