Employment data released yesterday by the New York City Comptroller's Office and the New York State Labor Department painted a picture of record unemployment that shows all indications of getting worse before it gets better. The employment data released by the Labor Department and adjusted by the Comptroller's office revealed that even after setting aside seasonal fluctuations, the city's unemployment rate still increased by 0.4 percent in December 2002---double the increase in the national unemployment rate for the entire year. Unemployment rates in NYC rose by a year-long total of 1.1 percent to a ten-year high of 8.4 percent, as the pace at which private employers are slashing their payrolls has increased.
See "Bleak Forecast as City Jobless Rate Climbs", LESLIE EATON, The New York Times, January 23, 2003