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How bad is New York Unemployment?

By Edited May 17, 2014 0 0

New York State is situated in the north eastern region of the United States. It is the third most populated state in the country. The capital city of this state is Albany. New York City is the core of finance, commerce, industrialization and transportation of the state.

Even through the decline of the manufacturing industries, New York State has retained printed materials, apparel, food products, machinery, chemicals, paper, electrical equipment, computer equipment, optical instruments and cameras, sporting goods, and transportation equipment. But the service sector provides the major share of jobs.

In spite of the state being an important hub for all the financial and commercial activities, it was also hard hit by recession in August 2008, immediately followed by unemployment. About 263,500 private sector employees lost their jobs as an aftermath. Job losses and decline of wages started striking the masses, initiating a huge amount of unemployment. The state government does provide assistance to unemployed workers. Refer to New York unemployment benefits guide for details of this program.

As per the statistics provided by the State Department of Labour, by May 2009, about 212,200 private sector employees had lost their jobs. This almost eroded the positive effect that the addition of 400,000 jobs, during economic expansion of the state between 2003 and 2008, had caused. The unemployment rate rose to 8.2 percent and the number of unemployed people rose to 802,400 in May 2009.

As per the statistics on January 2010, the unemployment rate reached 9.0 percent. The unemployment rate had never reached this high in the last twenty six years. In New York City alone, the leisure and hospitality sector cut down 2,400 jobs in December when hotels and restaurants would have usually added to their staffs.

Experts believe that the downfall of the banking industry has led to the rise in the unemployment rate of the state. Due to this, many people are unemployed and are unable to find another one to support themselves and their families.

To help the people who have lost their jobs due to the recession, the government has been providing unemployment insurance. The money for the unemployment compensation is derived from the taxes paid by the employers in New York State. There are no deductions made from the pay check of the worker for unemployment insurance. The Department of Labour determines if an unemployed worker qualifies for unemployment.

But there has been a gleam of hope from the news that the economy of the United States in the second quarter has slowed down at a much lesser pace than expected, and thus has given rise to hopes of its taking a turn towards the positive turn in the future. So if that happens, it would definitely bring better results for the New York State's unemployment situation.

If you live in another state, you can check out other InfoBarrel guides listed below:
Ohio unemployment benefits eligibility
PA Unemployment Guide

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