WHITE PLAINS – The August unemployment rate in the Hudson Valley rose from 3.8 percent last year to 5.3 percent this year, the highest rate for that month in 14 years, the state Labor Department announced Thursday.

The Wall Street crisis could further erode the job market as many of those high-paid Wall Streeters live in the Valley. “Any fallout on Wall Street is likely to be echoed in our community,” said Labor Department analyst John Nelson.

Any number of industries could be impacted from professional and business services, to retailers, to leisure and hospitality, to construction, he said.

New job growth fell off dramatically year over year in August with the Putnam-Rockland-Westchester area gaining 4,100, Dutchess-Orange gaining 700 jobs and Ulster County gaining 100 jobs.

Greene County lost 500 jobs; and Sullivan, Delaware, and Columbia County each lost 200 jobs.

Unemployment in the counties rose significantly in August. Sullivan and Greene counties each had 5.8 percent rates of joblessness. Ulster had 5.7 percent; Delaware, 5.6 percent; Dutchess-Orange had 5.5 percent unemployment; and Putnam-Rockland-Westchester had 5.1 percent unemployment.