New York State Unemployment

State budget officials forecast that New York’s economy will rebound at a “moderate pace” this year, with private-sector jobs increasing by 1.2 percent. Still, statewide unemployment will remain stuck at 8 percent throughout the year, according to analysis contained within Gov. Andrew Cuomo’s proposed budget. The state recession lasted 16 months, ending in December 2009, according to budget analysts. The state lost 353,000 private-sector jobs in that time—or 23,000 more jobs than the previous recession, which lasted twice as long.

New York lost more private-sector jobs per month, on average, than at least the past six recessions. The budget office expects the private-sector to add close to 80,000 jobs this year, with the largest percent increases coming in health care, education and the leisure/hospitality sector. Utilities, manufacturers and financial firms are expected to lead the way in job cuts. Overall, it’s a projected increase of 1.2 percent, or 0.6 percent below the expected pace nationwide.

There’s good news when it comes to wages, and income from business partnerships and “S” corporations. New Yorkers suffered a 6.1 percent drop in wages in 2009—the largest one-year decline on record, a drop of $30.1 billion. Budget officials estimate wages grew by 4 percent last year, and they’re projected to grow again this year by 3.2.Adjusted gross income for New Yorkers dropped by $135 billion in 2008 and 2009, a decline of close to 20 percent. Budget analysts estimated income grew by 5.1 percent last year and will expand again by 4.5 percent in 2011.

Still, it’s not expected to surpass pre-recession levels until at least 2013, if not later. “State income growth is likely to remain at historically low rates for quite some time,” budget analysts said. Income from business partnerships and “S” corporations fell 11 percent in 2009—the largest drop on record. Income was estimated to have increased 6.2 percent last year and by 10 percent this year. Unemployment is a different story. Budget officials expect unemployment statewide to stay above 8 percent for all of this year. It’s projected to stay above 7 percent until 2014.

Page Source: http://www.bizjournals.com/albany/news/2011/02/03/nys-economy-to-rebound-moderately-in.html

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