NY Jobs: Where are they? Will they come back?

The New York State Labor department today released its August 2009 NY Job numbersNY Jobs are scarce and NY Unemployment reached its highest level since May 1993.  Statewide unemployment reached 9.0% up from 5.7% a year ago.

New York City Unemployment is more of a problem for the New York.  NYC Unemployment reached 10.3% in August up from 6% a year ago.  September will be worse as September nationwide unemployment has already been reported and has increased again. This is a real problem for the NY State government since the NYC market is the real engine for tax revenues.  With a huge deficit the state needs a vibrant NYC job market.

The chart from the NYSLD follows:

Unemployment Rates* (seasonally adjusted)

August 2009* July 2009 August 2008
New York State 9.0 8.6 5.7
United States 9.7 9.4 6.2
New York City 10.3 9.5 5.9
NYS, excluding NYC 8.0 7.9 5.5
*Data are preliminary and subject to change.

We have reported for some time the issues in NY and they appear to be getting worse.  New York is now a Worst State for Jobs.

Employers look at many factors when creating jobs.  Cost of living, taxation, regulatory environment are just a few.

NY and particularly NYC has one of the highest cost of livings in the country.  See our previous Cost of Living by State

NYC has one of  highest marginal tax rates in the nation.  (See Tax Freedom Day by State  and State Individual Tax Rates )

The NY State Government is raising taxes in all types of areas and increasing regulatory costs for businesses. See States Raising Taxes

These facts suggest NY will have a tough job market for the foreseeable future.  If you are looking for a job, NY will suffer for a while.  See how NY Job Openings rank nationwide at Best States for Job Openings

What will its state leaders do to make it more competitive?  High Cost, High Taxes and Lots of Regulation does not attract new business or jobs.  How can state leaders say NY is a business friendly state? Comments?

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