Contact: Sunny Mindel/Curt Ritter (212) 788-2958
Mayor Rudolph W. Giuliani announced today that New York City's unemployment rate dropped by more than one percentage point from 7.6% in February to 6.4% in March, the lowest rate since April 1990. In addition, the Mayor announced that the City has regained almost all of the 350,000 jobs lost in the last recession. Since March 1998 private sector employment is up 82,900 or 2.8%.
"This is great news for New York City," said Mayor Giuliani. "Not only is the City's unemployment rate is at its lowest level since 1990, but the has City regained almost all of the of the 350,000 jobs lost during the last recession. Since last March the City has created almost 83,000 new private sector jobs, we are now just 1,000 jobs shy of the December 1987 private sector job high of 3,025,300. New York City is much different today than it was in 1990 when crime and taxes were out of control. Today our City is safer, our streets are cleaner, taxes are lower and the quality of life for New Yorkers has greatly improved. Today's news continues to reflect the fact that New York City is the City people around the world turn to for leadership as the 'Capital of the World.'"