The unemployment rate in New York remained unchanged in February, holding steady at 4.2%, according to the state Department of Labor’s announcement on Thursday. While the addition of 21,200 jobs in the private sector marked a 0.3% increase, it was not enough to shift the state’s jobless rate, which remains higher than the national average of 3.6%.
The labor force participation rate in New York increased slightly from 60.5% to 60.6%, but it still lags behind pre-pandemic levels. The state lost approximately 2 million jobs in the immediate aftermath of the closure of public gathering spaces and businesses three years ago. The hospitality and tourism sectors of the state’s economy were particularly hard hit during the initial shutdown.
State officials have projected that jobs may not completely return to pre-pandemic levels until later in this decade. While New York has made some progress in job recovery, the state still has a long way to go to restore its job market to its former strength.
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