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Friday August 15, 2008
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Copyright © 2008
Mid-Hudson News Network, a division of Statewide News Network, Inc. |
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| Hudson Valley economy remains weak, labor department says |
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WHITE PLAINS – The Hudson Valley economy continues to exhibit weakness as private sector employment increased by only 1,700 jobs, or 0.2 percent year over year in July. The State Department of Labor Thursday released its latest market data which showed that despite the slowdown, some industry sectors remain “resilient,” posting strong gains over the period, according to John Nelson, a Labor Department analyst. They were led by education and health with an increase in 3,500 jobs; professional and business, with a 1,000 job gain; natural resources, mining and construction also gained 1,000 jobs. Job losses continued with 1,700 in the manufacturing sector and 1,200 in financial activities. Nelson said projections are that the slowdown will continue for at least the next few months. “In the coming months, we have to play close attention to the private sector job numbers to see if this trend is going to reverse,” he said. “For now, this weakness in the job market is a trend that could possibly continue for the next few months at least.” In terms of unemployment in July, Putnam County had the fourth lowest rate in the state, out of 62 counties, at 4.6 percent. Columbia and Westchester counties were among five counties that ranked in 10th place with 4.9 percent unemployment. Dutchess County ranked 26th in the state with 5.3 percent joblessness. Ulster County ranked 34th with 5.5 percent unemployment. Orange County was 35th with 5.6 percent. Delaware and Greene counties were among five counties ranking 42nd with 5.8 percent unmployment. Sullivan, at 47th in the state, had 5.9 percent unemployment in July. |
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