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NYC Unemployment Hits 10.3%

City given grant to help laid-off Wall Street workers retrain

By Rob Quinn, Newser Staff

Posted Sep 18, 2009 7:10 AM CDT

(Newser) – The Big Apple's unemployment rate hit double digits last month for the first time since 1993, the New York Times reports. At 10.3%, the rate is now higher than the national rate of 9.7%. State officials say continuing layoffs on Wall Street are to blame for the rise, highlighting the need to retrain financial industry workers for other jobs.

"Our economists don’t see the financial-services sector ever coming back as strong as it was," the state's labor commissioner said. The city has received a federal "national emergency grant" of $11 million—its first since the aftermath of the 9/11 attacks—to help ex-Wall Street workers find work in other fields.

The jobless figures show that the recession is continuing in New York, Gov. David Paterson said. (AP Photo/Mark Lennihan)

Jared Tatum attends a job fair in New York earlier this year. (AP Photo/Mark Lennihan)

Job seekers line up for a job fair sponsored by the National Society for Hispanic Professionals in New York. (AP Photo/Mark Lennihan)

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NYC Unemployment Hits 10.3%

City given grant to help laid-off Wall Street workers retrain

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Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

Top Colleges Steer Grads Away from Wall Street

Students, staff encourage grads to expand horizons

Fed Sees High Unemployment All Next Year

Forecast sees it at 8.6% at end of 2012

Paycheck Data Dismal in 2010

...Unless you were a millionaire

Obama Has More Wall St. Cash Than GOP Candidates

Obama, DNC pulling in more cash ... even from firm Romney founded

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NYC Unemployment Hits 10.3%

City given grant to help laid-off Wall Street workers retrain

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OTHER STORIES ON OUR RADAR

Wall Street • New York City • recession • unemployment • financial sector • job training

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

Top Colleges Steer Grads Away from Wall Street

Students, staff encourage grads to expand horizons

Fed Sees High Unemployment All Next Year

Forecast sees it at 8.6% at end of 2012

Paycheck Data Dismal in 2010

...Unless you were a millionaire

Obama Has More Wall St. Cash Than GOP Candidates

Obama, DNC pulling in more cash ... even from firm Romney founded

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?