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WEDNESDAY, NOVEMBER 25, 2009
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NYC Unemployment Hits 10.3%

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

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(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.
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.
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.
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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3 comments
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DontLikeYou
Sep 18, 09 9:39 AM CDT
Those libs in NY will stlil vote for Obama even if unemployment gets up to 25%. Reply
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Snarfeh
Sep 18, 09 10:34 AM CDT
Of course they will, because if anyone can undo what George W. Busch started, Obama can...
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radnip
Sep 22, 09 5:01 AM CDT
Aren't the rich supposed to employ people...? Reply
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