Observing the decrease in consumer spending across the state and nation, it’s apparent to deduce that unemployment rates may be on the rise.
But Kevin Jack, a state analyst for the Department of Labor, said this recession is unusual for New York.
“This recession appears that New York State entered the recession later,” he said. “That is unusual than the past.”
Jack said the Department of Labor is conducting a study to analyze what halted the national downturn from affecting the state market. The information, he said, will be beneficial in assessing new trends and provide a better understanding of the state market.
In addition to the study, Jack said the Department of Labor plans to release on January 222 new statistical data on unemployment rates for December 2008 along with data revisions in March 2009.
The data revisions extend to the past 18 months of information the Department of Labor released and Jack said it includes a detailed look into market benchmarks- job count margins and job availability.
He said he can’t make a prediction on the unemployment rates for the end of 2008, but the trend of declining rates seems to continue.
“The employment rate is declining in the New York state as it has in the nation in response to the national downturn,” he said.