We hate the phrase 'double-dip,' especially when it becomes an unfortunate reality
In September of 2009, as President Obama's stimulus package was beginning to leak into the economy, New York City's unemployment rate hit its peak
of 10.1% and stayed there for six months. Since then, the job numbers for the city hovered around 9.7% - dipping this past April to 9.5% for the first time - even as the start-up craze and Brooklyn cultural explosion continued to consume New York's attention.
But, this past May, it was evident that we were backing ourselves up into the same old corner of 2009, with figures pointing to a 9.7% unemployment rate. And June's number all but proved that the City might stil be in the economic shitter
According to the Labor Department's reports this past week, it looks like New York is returning to the gloomy heights of yesteryear. Yes, five months before Election Day, a tenth of the metropolis's labor force, or 370,000 residents, is once again on the unemployment line at a rate that is 1.8 percent points higher than the national average. However, the numbers from the report paint an interesting dualism between stagnation and production.More »