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Article: Daily News, New York, Wall Street column.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 19, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Tom Van Riper, Daily News, New York Knight Ridder/Tribune Business News
Nov. 19--CITY UNEMPLOYMENT plunged to a three-year low last month as the local economic rebound picked up steam.
The unemployment rate sank to 6.1 percent from 6.9 percent in September, the state Labor Department said, matching the biggest one-month drop on record. It's the lowest jobless rate for the city since July 2001, two months before the Sept. 11 terrorist attacks. Unemployment was 8.3 percent a year ago.
Because of its extra-heavy emphasis on services, and a reliance on Wall Street, "the city tends to have its downturn before the rest of the country and ...