Jobless rate hits 9.5% in NYC; 12-year high matches dismal national figures

[Harry 1,076]

The city has caught up to the rest of the country in the worst possible way - unemployment.

 

The jobless rate in New York rose to a 12-year high of 9.5% last month, equaling the nationwide rate for the first time in the recession.

 

"New York is supposed to be the most dynamic city in the country," said Mike Rodrigues, 30, of Queens. "It's just really surprising to hear that the job rate is declining."

 

Hakeem Issa, 35, said he is "desperate" to find work since being laid off from a Subway sandwich shop last month.

 

He hits the streets by 7 a.m. hunting for a job so he can put food on the table. "It's just awful right now - just awful," said Issa, of Jamaica, Queens. "I just can't understand it."

 

The city's unemployment rate jumped by .6% from May to June alone. Around the country, the rate edged up by just .1% in the same period.

 

The state unemployment rate is a bit lower at 8.7%, but it also rose by .5% in the past month.

 

More than 854,000 are out of work statewide, the highest figure since 1976.

 

Read more: http://www.nydailynews.com/

[DOB2RTO 29]

Sad news, but Bloomy keeps talkin' 'bout bringing jobs to the city, etc......

 

Does he mean he did it in the past, or if he gets his 3rd bought term??????

[MTR Admiralty 4]

The figure is high, yes, but people should not have a panic attack and freak out. The worse thing to do in this economy is to have fear. As what Allan Meltzer said: "Capitalism without failure is religion without sin" Our economy will have its downtimes, but we must look on overcoming those obstacles instead of fearing them. If we do not face our obstacles appropriately, our economy will only drag on. The only way to succeed is to understand our failures.

[SubwayGuy 2,314]

Sad news, but Bloomy keeps talkin' 'bout bringing jobs to the city, etc......

 

Does he mean he did it in the past, or if he gets his 3rd bought term??????

 

Every time that man's mouth is moving he is lying...

 

Problems will only be fixed at the federal level, like it or not all you "communist paranoids" because states have proven they are slow to act, and prick corporations will just run to the state with the most favorable laws and continue their dirty deeds.

 

Bring back Glass Steagall, stop bailing out financial firms (their earnings this year should show they needed no help), tax the crap out of companies who outsource jobs, and raise taxes on the rich while keeping the middle and lower class taxes where they are. Encourage manufacturing and trades, and DIScourage business school because there are too many businessmen around and all they care about is money. Science and engineering are way more useful degrees. Better to see American creativity applied to solving cancer or reducing foreign energy dependence, than applied to coming up with a new type of derivative swap that confuses 90% of the market place and robs unknowing investors blind.

[DOB2RTO 29]

Cancer, AIDS/HIV, Herpes, Hepatitis, etc..., is already curable. You see it's mostly the poor who seems to get it, while the well to do rarely seems to have any of this stuff..........

 

Cure is there, just no money is created over and over again if it's cured........

[Y2Julio 206]

Cancer, AIDS/HIV, Herpes, Hepatitis, etc..., is already curable. You see it's mostly the poor who seems to get it, while the well to do rarely seems to have any of this stuff..........

 

Cure is there, just no money is created over and over again if it's cured........

 

Your thoughts on Magic Johnson?

[MTR Admiralty 4]

Cancer, AIDS/HIV, Herpes, Hepatitis, etc..., is already curable. You see it's mostly the poor who seems to get it, while the well to do rarely seems to have any of this stuff..........

 

Cure is there, just no money is created over and over again if it's cured........

Not exactly

[SubwayGuy 2,314]

Like I said regardless of what the stock market is doing...

 

it's going to get worse. Save your money, do not spend it on stupid crap.

 

Let the rich get hit by the crunch but don't waste money on stupid stuff, pay your bills and save the rest. And DONT buy any stocks or anything yet because them going up is not going to last. People are desperate and pathetic when it comes to stocks. If something is "less bad" even if it's still bad, they take it as "good news" and buy a bunch of stock thinking "good times are coming I'm gonna get rich!" when that just isn't the case. This is the key number because more people unemployed = more people with less money = less spending = less movement in the economy = bad economy. Now the people getting unemployment that's starting to dry up too so they're REALLY gonna be on a tight leash.

 

AND the loans are still going bad...protect yourselves by saving that's the best advice I got for any of you...

[MTR Admiralty 4]

it's going to get worse. Save your money, do not spend it on stupid crap.

 

 

That's the last thing we all want to hear. And it's not going to help. Fear only makes the situation worse.

[Urbanfortitude 123]

maybe so but pretending its going to get better tomorrow isnt any better. People need to just face reality and actually be prepared for the worst. The lesson is there over and over that those who have a plan when shit hits the fan are usually the ones who survive it. Also let's look at this. Ok Jobless rate is 9.5% that means the other 90.5% of this city actually have a job. So if you actually look at the glass half full instead of half empty this isn't that bad. It's all about perspective. I'm not saying be stupid optimistic. But look at the situation for what it is from both sides of the coin instead of one. NY is still pretty much a lot better off than most of the other states. Just look at Detroit. They relied so much on the auto industry that they're crippled over there. We still get all the tourists flying over here spending their money stupid crazy on all these tourist traps.

 

Plenty of companies and small businesses here were smart enough to make cut backs where they needed to and they're not doing too bad here. Because they looked at the situation and said "This could get worst! Let me prep myself for it so I'm ready when it does." So yeah I believe looking at the situation dead on is much better than looking for a sugar coat. Because in the meantime while those people are hiding behind a sense of false hope the people who have looked the situation in the eye and said "I'm facing this!" are actually holding on.

[MTR Admiralty 4]

Fear creates panic. And when the public is panicked, they lose their faith in many fields. Consumption will be low and it could stagnate our economy further. I'm not saying that putting a sugar coat on everything is great in every scenario, nor am I trying to assert that the economy will rebound. But if we all sit here and say "oh my God, this is doomsday" will it help? If we don't consume, will it help? The money will just sit around.

[SubwayGuy 2,314]

maybe so but pretending its going to get better tomorrow isnt any better. People need to just face reality and actually be prepared for the worst. The lesson is there over and over that those who have a plan when shit hits the fan are usually the ones who survive it. Also let's look at this. Ok Jobless rate is 9.5% that means the other 90.5% of this city actually have a job. So if you actually look at the glass half full instead of half empty this isn't that bad. It's all about perspective. I'm not saying be stupid optimistic. But look at the situation for what it is from both sides of the coin instead of one. NY is still pretty much a lot better off than most of the other states. Just look at Detroit. They relied so much on the auto industry that they're crippled over there. We still get all the tourists flying over here spending their money stupid crazy on all these tourist traps.

 

Plenty of companies and small businesses here were smart enough to make cut backs where they needed to and they're not doing too bad here. Because they looked at the situation and said "This could get worst! Let me prep myself for it so I'm ready when it does." So yeah I believe looking at the situation dead on is much better than looking for a sugar coat. Because in the meantime while those people are hiding behind a sense of false hope the people who have looked the situation in the eye and said "I'm facing this!" are actually holding on.

 

Thank you. Good post. That is exactly what you are seeing people do. People are kind of pathetic sometimes when things are going to get bad, they don't WANT to believe it so they don't believe it. And they don't prepare and it makes that much worse for them when they're unprepared for what comes. I am advising all of you to be prepared because REGARDLESS of what the stock market does, people who are already hurting for money are saving a lot more of it. If you're NOT hurting for money, good, great grand wonderful. But all the people in debt is going to put the pinch on businesses and if you don't think they're going to raise prices add fees reduce service and jack with you, then you just don't know how business works.

 

I care less about how some business does or stimulating the economy a couple hundred dollars at a time when my taxes have already gone to do so, I care about self preservation and taking care of those I care about, not some business that 6 months ago was trying to rip me off