State Assembly Report Details Job Loss Trends

November 11, 2009 Updated: November 11, 2009

NEW YORK—The New York State Assembly released two employment reports on job losses in New York over the past 12 months. The reports also detail national and regional employment trends and industry changes in the wake of the economic recession.

New York State lost 236,000 jobs from September 2008 to September 2009; the financial and insurance sectors were hit hard, they account for about nine percent of the nation’s employment in these industries. Between December 2007 and September 2009, the state lost 41,900 jobs, or 7.7 percent of jobs in the sector.

The New York State Assembly Employment Updates show how New York State compares nationally during the national recession that began in December 2007.

According to the U.S. Bureau of Labor Statistics, national employment declined by 4.2 percent from September 2008 to September 2009. In New York State, employment declined by 2.7 percent. Within the state, New York City, Long Island, and Mohawk Valley/Capital Region experienced the highest percentage employment decline (all three fell 2.9 percent) between September 2008 and September 2009. New York City, however, experienced the greatest job loss in non-farm employment, 108,600, in that same period.

“These reports show that although the financial sector is slowly showing signs of stabilization, New York State is still far from recovering the losses suffered during the recession,” said Assembly Ways and Means Chair Herman D. Farrell, Jr. (D-Manhattan). “Although the worst is over, my colleagues and I in the Assembly will push forward and explore job-creating measures, and work towards economic restoration.”