2005-05-26 / Business & Finance

Statement From Chief Economist Stephen Kagann Show’s Growth

Now data from the Department of Labor show acceleration in the pace of economic growth in New York. From April 2004 to April 2005, statewide private-sector jobs rose 85,900 (+1.2 percent), an improvement over the previous month (+0.9 percent). Private employment grew in New York City (+1.4 percent), the suburbs (+1.6 percent) and upstate (+0.9 percent). This improvement was let by New York City, Albany and Syracuse. Over the 12 months, the unemployment rate fell in all 62 counties, according to Chief Economist Stephen Kagann.

New York City gained 41,400 private jobs (+1.4 percent) over the 12 months, supported by large increases in building construction (+6.3 percent), retail trade (+3.2 percent), publishing (+1.5 percent), motion picture and video (+4.0 percent), securities and commodities dealers (+3.7 percent), advertising (+3.9 percent), architecture and engineering (+4.1 percent), management and scientific consulting (+3.9 percent), health and social services (+2.2 percent) and leisure and hospitality (+3.9 percent). Manufactur-ing continued to cut jobs (-5.8 percent).

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