Although New York regained 95 percent of the jobs lost during the recession in the past two years, some regions continue to struggle and the state’s unemployment rate is rising again, according to a new report from state Comptroller Thomas DiNapoli.
“New York’s economy is slowly recovering, but challenges remain, including the European debt crisis and deficit cutting decisions in Washington,” DiNapoli said in a news release. “The national economy also appears to be slowing, which could impact New York’s recovery. We are not out of the woods yet.”
Several Upstate cities have regained only a portion of jobs lost during the downturn, according to the report. Syracuse has regained just 6,900 of the 13,700 jobs lost. Many of the jobs added during the recovery have been in industries that often pay less than those lost.
(Sponsored)
CECL Accounting Standard: What You Need to Know
The Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 326, Financial Instruments-Credit Losses, became effective for all entities on January 1, 2023. This accounting standard introduces the current expected
Don’t Take the Bait: Phishing Scams to Avoid
Americans lost $8.8 billion to phishing and other fraud in 2022, according to the Federal Trade Commission, with financial fraud increasing over 30% from 2021. Every day, thousands of people
DiNapoli also noted that the securities industry, one of the state’s major economic engines, still faces uncertainties. The industry reported large losses in the second half of 2011.
That contributed to a 14 percent decline in cash bonuses and renewed job losses, according to the report.
Contact Tampone at ktampone@cnybj.com
