Unemployment leaps over 20 percent in 25 New York counties

[UpInArms]

Source: Reuters

NEW YORK (Reuters) - The ranks of unemployed workers soared more than 20 percent in 25 New York counties in the first half of 2008, even in wealthy suburbs around New York City such as Westchester and Nassau, a report said Thursday.

Some half a million New Yorkers were unemployed by mid-year, the highest number since 2004. More job losses are likely as a national economic downturn is intensified by the problems Wall Street firms are struggling with, according to the Fiscal Policy Institute's study.

"At a minimum, it appears that the state's economy will continue declining through the rest of 2008 and possibly into 2009," according to the study by the Albany-based think tank.

<snip>

When employers began hiring more workers in the middle of 2003, after the 2001-2002 economic slowdown, the gains were fueled by borrowing and the housing bubble, neither of which proved lasting, the study said.

Read more: http://www.reuters.com/article/domesticNews/idUSN2668546620080828?sp=true

[onehandle]

1. Blue state. Doesn't count. nt

[CatholicEdHead]

2. At least the number seems almost honest

I have heard that Greater Minnesota is doing a bit better than the urban Twin Cities metro area.

[Phred42]

3. Closer to the reality of the rest of the country too

according to Kevin Phillips and others

[24HRrnr]

4. Horrible reporting.

do we ever get an actual number (preferably both starting and ending unemployment figures)? No.

And what lunatic thinks that trimming 2 Billion dollars from a deficit of 24 billion dollars is sufficient? How are they running that large a deficit if NY is really a high tax state as I've heard?

[WannaJumpMyScooter]

5. They are running that high

a deficit because after 9/11 DC promised the moon, so contracts were let, work was started, and well, let's just say the moon promised did not materialize.

so, yes, it is a high tax state, but they depend heavily on federal dollars

and good times. they love to tax the economic service segment

[24HRrnr]

6. That makes sense. Thanks. eom.

[Muttocracy]

7. Full report (pdf) is here

http://www.fiscalpolicy.org/FPI_UnemploymentTheOtherCrisis_August2008.pdf