NYC Unemplyoment Rate Down for 7th Straight Month

New York is new home for financial and IT jobs

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    NEWSLETTERS

    Getty Images/Chris Hondros
    NEW YORK - AUGUST 10: A financial professional looks over his computer screens on the floor of the New York Stock Exchange after the U.S. Federal Reserve's announcement on interest rates August 10, 2010 in New York City. The Fed announced today a renewal of its policy to hold down interest rates to fuel growth, leaving rates unchanged. (Photo by Chris Hondros/Getty Images)

    Despite the national economy still being in dire straits, the city’s economy recovery is in full swing.

    The latest unemployment figures showed another dip in the unemployment rate for the seventh straight month, according the New York State Department of Labor.

    "New York State's labor market regained some traction in July, adding 29,000 private sector jobs. In addition, our unemployment rate held steady at 8.2%, remaining well below the nation's rate of 9.5%," said Norman A. Steele, Deputy Director of the Division of Research and Statistics.

    The last time the city's unemployment numbers looked this promising was November 2003 to April 2005. Professional and business services continued to expand with the addition of 5,000 jobs, in a sector known to shed 1,400 jobs over the course of a month. 

    “The expansion of this market can be best seen as a slight resurgence of Wall Street,” Matthew Rothenberg, Editor-in-Chief of Theladders.com told NBCNewYork.

    New York City and the tri-state area have been ranked a top 10 hiring market for professionals, according to research from the Ladders.com. 

    The city ranked fifth in nation with the biggest growth happening in the financial services, software and information technology.   Washington, D.C. took first place with the biggest gains being in the information technology and Aerospace/Defense sectors.

    “This is a warming trend in the market,” said Rothenberg, “The companies have cut all that they can and now they are hiring in preparation for growth.”

    Financial companies are hiring more and more website developers to redo their online presence. They are also beginning to restructure their data systems to accompany new technologies and prepare for an eventual expansion, Rothenberg noted.

    "They are hiring the people that will eventually hire others,” said Rothenberg.

    New York is also primed to become a strong market for start-ups noted the editor.

    “New York has always been the powerhouse of the country. With the financial sector on its feet- it’s primed to lead the way once again,” said Rothenberg.