NYC Unemployment Nearly Double US Rate, Comptroller Says

NEW YORK CITY — The city's unemployment rate remains nearly double that of the nation's with economic recovery spread unequally amongst New Yorkers, new data show.

New York City's overall unemployment rate dropped to 7 percent in February, down from 7.6 percent in January, but increased for Black workers, Comptroller Brad Lander said Monday.

"Job growth has been strong, unemployment declining, and workers are seeing significant wage increases across sectors," Lander said.

"But unemployment in New York City remains nearly double the nation’s, and much higher for Black and Hispanic New Yorkers."

The unemployment rate for Black New Yorkers stood at 11.6 percent in February —three times the overall national rate of 3.8 percent, and 1.5 times the overall city rate, according to the data.

Meanwhile, unemployment rates for White, Asian and Hispanic New Yorkers dropped to pandemic lows, according to the analysis.

Other signs of economic recovery include a 25,300 increase in private sector jobs, modest improvements on Broadway, and in restaurants and tourism, as well as a 5.1 percent metropolitan inflation rate, which is nearly 3 points lower than the national average, Lander said.

Private sector jobs also saw increases in average quarterly salaries in the third quarter of 2021 (as compared to the same period in 2019), but more so in high wage sectors than in low wage ones, according to the Comptroller's office report.

For example, accommodation and food sector jobs experienced a 9 percent increase in average wages to roughly $10,000, while finance jobs saw a 16 percent jump to more than $55,000, the data show.

In a letter addressed to New Yorkers at the beginning of the report, Lander characterized his office's findings, and the city's recovery, as a mixed bag.

"The economic data this month is decidedly mixed," Lander said. "Enjoy the warmer weather, and we’ll keep watching the numbers."