November 10, 2009

Assembly Report Details Job Loss Trends In
New York State And Nationwide
State lost 236,000 jobs from September 2008 to September 2009; financial sector hard hit

Assembly Speaker Sheldon Silver and Assembly Ways and Means Chair Herman D. Farrell, Jr., today announced the release of two employment reports detailing national and regional employment trends and industry changes in the wake of the economic recession.

The New York State Assembly Employment Updates show how New York State compares nationally in regard to employment 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 (non-seasonally adjusted). In New York State, employment declined by 236,000 jobs, or 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.

Although manufacturing and construction job losses in New York State were less severe than in other parts of the nation, some sectors did not fare as well in the state. The finance and insurance sector in New York State, which accounts for roughly 9 percent of the nation's employment in this sector, was hit particularly harder than other states. Between December 2007 and September 2009, the state lost 41,900 jobs, or 7.7 of jobs in the sector.

"This data provides insight into the dire economic conditions faced by all states since the onset of this recession," said Silver (D-Manhattan). "Although New York did not endure the most devastating losses in areas like manufacturing and construction when compared to other states, our decline in the financial and insurance sector is second only to California. This time of fiscal uncertainty has affected families across the U.S. and has not spared any region or occupational sector in New York."

"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 Farrell (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."