We knew the good news wasn’t going to last. What we didn’t realize was the extent of the apparent damage of Congress’s debt debacle and the ensuing financial instability.
In July, private-sector employers in New York state added 14,100 jobs, good for a 0.2 percent increase from June.
In August, it was a complete reversal: private-sector employment contracted by 30,700 jobs, a decline of 0.4 percent. I repeat: the state’s private sector lost over 30,000 jobs.
There is one important disclaimer, that being the Verizon Wireless strike that affected 17,000 New York employees. Now I’m not a math whiz, but to me that still spells out over 13,000 jobs lost. This is the private sector we’re talking about there, not the government.
The Putnam-Rockland-Westchester region was equally pummelled, losing 5,900 private-sector jobs from July to August.
Stay tuned for more updates, including the August unemployment rate for each individual county, as they are made available by the state Department of Labor next week.