State: LI unemployment at 7.5%, highest since 1992

http://www.newsday.com/news/local/suffolk/ny-bzjobs2712590574mar27,0,4343866.story
BY CARRIE MASON-DRAFFEN | [email protected]
10:01 PM EDT, March 26, 2009

The Long Island economy lost 20,600 private-sector jobs in February, compared with the same month a year ago, sending the unemployment rate up to 7.5 percent, the highest since 1992, according to New York State Labor Department data released Thursday.

At that time, the area was still shaking off the effects of the 1990-91 recession.

Among its few bright spots, the latest report shows that job losses have narrowed in the past two months, compared with the 24,100 jobs lost in December, the largest last year. A revision showed that in January 19,000 jobs were lost, down from the 23,200 first reported.

"It indicates some degree of stabilizing," said Gary Huth, the department's principal economist for Long Island. But he added, "You're still talking about significant job losses over the year."

The Island's rising unemployment rate shows how damaging the recession has been in the past year. In a year, the jobless rate for the Island has risen nearly 3 percentage points. Hempstead Village, the only municipality with double-digit unemployment, now has a 10.9 percent jobless rate, up from 7.2 a year ago. Rockville Centre has the lowest rate at 6.3 percent, but still up substantially from last year's 3.6 percent.

New York City's unemployment rate rose to 8.1 percent, almost double a year ago. The city lost 76,700 private-sector jobs, or 2.4 percent, in February, compared with the same month a year ago.

Re: State: LI unemployment at 7.5%, highest since 1992

for those asking "where is the recession"

whoomp, here it is!