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WPCNR MARKETPLACE. From Johny Nelson, Labor Market Analyst, New York State Department of Labor. (EDITED)January 22, 2009 UPDATED 5:25 P.M.: As of December 31, 2008, according to the New York State Department of Labor, there were 464,800 persons employed in Westchester County and 28,100 unemployed, an unemployment rate of 5.7%, up from 5.2% in November, according to statistics provided WPCNR by Johny Nelson, Labor Market Analyst with the New York State Department of Labor. In Rockland County, the unemployment rate is 5.5% where currently as of December 31, there were 145,400 employed and 8,400 unemployed.
Early today, Gustaff Herman, Deputy Commissioner of Labor for New York State annnounced in White Plains that the New York State number of unemployed persons statewide had risen by 49,300 persons to 7% in December , up from 6% in November, and 5.7% in November. Gustaf Herman, Deputy Commissioner of Labor for New York State told WPCNR that the Westchester and Putnam unemployment percentages were not broken out at this time.
Statistics circulated by Mr. Nelson to media late Thursday afternoon, report that the number of persons employed in the Hudson Valley Region which includes Westchester County, Rockland, Putnam, Dutchess, Orange, Sullivan and Ulster Counties decreased 9,500 or 1.2 percent, to 758,000 for the 12-month period ending December 2008.
- Private sector employment at 758,000 is the lowest November job count since 2005. Industries that were once resilient at the onset of the recession has now begun to show some marked weakness.
- Despite all the financial woes, construction had continued to perform admirably up until 4th quarter 2008. For December 2008, the sector recorded a mere growth of 0.4 percent. For the same period last year they posted a growth of 1.3 percent and 6.3 percent the year before last.
- Professional and business services sector which is highly sensitive to economic trends had also been performing well up until recent months. The sector has now begun to show signs that it’s not immune to the National recession. Employment in the sector declined by 2.2 percent. For the same period last year they posted a growth of 1.4 percent.
- Meanwhile the financial crisis has begun to wreak havoc on the auto dealers in the region. Over the past year, five car dealers have closed operations as a result of tightness in credit.
Analyst observations:
Persistent economic woes- housing, credit and financial crises, along with a slew of layoff announcements at the end of 2008 and beginning of 2009 all point to a troublesome period for job seekers in the region. For December 2008, Private sector employment in the area declined by 9,500 or 1.2 percent. The construction and professional and business services industries which had been quite resilient in early 2008 have begun to show marked weakness, clearly a sign that the National recession is finally impacting the region.