Nov 20, 2009 5:44 pm US/Eastern
NYC Economy Drops In 3Q, Unemployment Rises
City Suffers Seventh Straight Quarter Of Negative Growth; Jobless Increases To 10.3 Percent
NEW YORK (CBS) ―
The New York City comptroller's office says the city has suffered its seventh consecutive quarter of negative growth, falling an estimated 1.6 percent in the third quarter of 2009 as the number of those without jobs continued to rise.
According to Comptroller William Thompson's third quarter notes, the city's unemployment rate rose to 10.3 percent in September 2009, as compared to 6 percent in September 2008.
City payroll jobs fell by 57,000 in September, bringing the total job losses to 113,700 since August 2008.
Use of public transportation in the city also fell in the third quarter, falling 4.5 percent. Average weekday ridership dropped 5.1 percent, a likely effect of the June fare hikes, according to the report.
The number of apartments sold in Manhattan continued to rise, jumping 46 percent compared to the previous quarter.
Click here to read the Comptroller's third quarter report (PDF).
The report said employment in communications peaked in the nation's 20 largest metro areas in 2000, and then declined at a 2.5 percent annual rate through 2007.
New York City accounts for about 19 percent of national employment in the communications sector.
The city lost 44,500 communications jobs from 2000 to 2007, and has since lost another 15,100 jobs.
The report says San Francisco lost a third of its information industry jobs. Phoenix, Atlanta and Dallas lost more than one quarter.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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