Press Release Archives #437-98 - Unemployment Rate Drops to Lowest Level Since 1991

Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Thursday, September 17, 1998

Release #437-98

Contact: Colleen Roche (212) 788-2958
Curt Ritter (212) 788-2971

NEW YORK CITY'S RECORD JOB GROWTH CONTINUES UNEMPLOYMENT RATE DROPS TO LOWEST LEVEL SINCE 1991

City On Track To Record The Largest Annual Private Sector Job Increase Since 1951

Mayor Rudolph W. Giuliani announced today that New York City has gained 265,900 private sector jobs since January 1, 1994 and that the City's unemployment rate has dropped to 7.5 percent -- the lowest level since January 1991. The Mayor also announced that 7,100 jobs were created in the City in August, bringing the total number of new private sector jobs created since January 1, 1998 to 79,800.

In the first eight months of this year the City created 78,900 new private sector jobs versus the first eight months of 1997, the highest gain on record for any first eight-month period since 1958. In August the City's unemployment rate fell to 7.5 percent, down from 7.8 percent in July. The unemployment rate has dropped 1.9-percentage points from over a year ago, and is at the lowest level since January 1991.

"Today's news reinforces New York City's economic renaissance," said Mayor Giuliani. "The quality of life for New Yorkers has improved tremendously since 1994, when crime and taxes were out of control. Today, New Yorkers should be proud to know that New York City is no longer known nationally for its failure, but for its success."

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