Today’s announcement by the New York State Department of Labor is reflective of what we have known for a while now; we are in the midst of one of the worst recessions in recent times. While the State’s rate of unemployment rose dramatically, in New York City we actually saw a decrease in the city’s seasonally-adjusted unemployment rate from 7.0% in December to 6.9% in January. However, that number does not diminish the fact there are 84,000 more New Yorkers unemployed now than a year ago.

New York City has held up better than our State and nation during this economic downturn but I anticipate significant job losses to continue for the next few months, adding to the tremendous human toll that comes with recession. As reflected in today’s data, New Yorkers are resilient and I believe that while the situation may get worse before it gets better, as a city we will continue to be a destination for commerce, tourism and global finance.”

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