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Overall Unemployment Falls To 5.8% - New 10-Year Low
Mayor Rudolph W. Giuliani announced today that, according to employment figures released by the New York State Department of Labor, New York City's private sector job growth continues with the creation of 3,200 new private sector jobs in February. This follows last month's record gain of 16,500 new private sector jobs. Since January 1994 the City has created 384,000 new private sector jobs, a dramatic reversal after the City's loss of 348,000 jobs in the early 1990s.
In addition, the City's unemployment fell from 6.1% in January to 5.8% in February, a new 10-year low. The City's unemployment rate is now down more than four percentage points since December 1993, when unemployment was 10.2%.
"This is more great news for New York City," said Mayor Giuliani. "Following last month's gain of more than 16,000 new private sector jobs, today's employment numbers are further evidence that New York City's economic renaissance continues. With our unemployment rate now at a 10-year low, New York City is stronger today than it's been in a very long time."
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