Contact: Sunny Mindel/Matthew Higgins (212) 788-2958
Mayor Rudolph W. Giuliani today announced that according to the latest employment figures released by the New York State Department of Labor, the City has now regained all of the jobs lost in the previous recession. Last month marked a pivotal milestone in the City's dramatic economic reversal; 7,500 private sector jobs were created in April bringing the total private sector jobs citywide to 3,030,500 and surpassing the pre-recession peak of 3,025,300 in December 1987. More than 311,000 private sector jobs have been created since December 1993.
"Regaining the private sector jobs lost in the last recession and surpassing the pre-recession private sector job peak symbolizes a complete break with the failed policies of the past, when the City hemorrhaged jobs faster than it could create them," the Mayor said. "The latest job figures confirm that New York City's economy remains strong and capable of producing jobs at a record pace. Last year, New York City experienced the strongest private sector job growth in over 40 years - since records were first kept. All New Yorkers should take pride in knowing that our dramatic economic growth serves as an inspiration for the rest of the state - and the rest of the nation."
The April job figures show the City's unemployment rate was 6.5 percent compared to 8 percent in April of last year and 10.2 percent in December 1993.