Posted by: Michael Mandel on November 20
This is a followup to my “musical chairs economy” piece. According to a new report from the New York State Labor Department, the unemployment rate in New York City dropped to 4.1% in October, “reaching its lowest level on record.” (The data starts in the mid-1970s).
4.1%. 4.1%. 4.1%
New York City. Manhattan. Brooklyn. Queens. Staten Island. The Bronx.
The Bronx! With an unemployment rate of 5.5%, down from 7.5% a year earlier.
What the heck is going on here? Is this really the best NYC economy in thirty years?
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.