Technology giant Sun Microsystems reported yesterday that its tech sales to the northeastern United States’ financial industry were down 20 percent last quarter compared to the same period a year earlier, the Journal reports. The financial industry is one of the biggest creators of tech jobs, and such a drop can’t be good for the prospects for tech-industry employment in New York in the near future.
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New York has added private-sector jobs in all but three of the 38 months since the COVID-19 outbreak of March 2020—but the Empire State remains below its pre-pandemic employment level and continues to trail the national recovery.
On a seasonally adju
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The more time passes since the spring 2020 Covid-19 outbreak, the more New York stands out among all states for the weakness of its post-pandemic employment recovery.
As of December, seasonally adjusted private employment in New York was still nearly 2
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New York was the national epicenter of the pandemic, and Governor Cuomo's "New York State on PAUSE" business shutdowns and other restrictions led, in short order, to the loss of nearly 2 million jobs in the first full month after the infection began spreading in the New York City area.
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New York's jobs report for August looked relatively strong—but only by comparison, that is, with what was generally regarded as a disappointing national number. On a seasonally adjusted basis, New York gained 28,000 private-sector jobs last month—a growth rate of 0.4 percent, according to preliminary monthly estimates from the state Labor Department.
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New York's post-pandemic employment recovery came to a halt and moved into reverse in December, according to the state's for the final month of COVID-wracked 2020.
Private payroll employment in December was 966,000 jobs below the level of the previous
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New York State's unemployment rate has fallen sharply since the economically devastating pandemic lockdown last spring. But as state Comptroller Thomas DiNapoli points out in his latest economic report, the jobless rate doesn't tell the whole story.
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Further evidence of the massive damage done to New York’s economy by the coronavirus pandemic shutdown has emerged in the latest gross domestic product (GDP) data from the federal Commerce Department's Bureau of Economic Affairs.
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Six months into the novel coronavirus pandemic, New York State's private-sector employment recovery was the slowest in the 48 contiguous states—and getting slower.
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