City Unemployment Rate Dropped to 10% in March
Economists saw hopeful signs of recovery in New York City in March, though they admit that a single good month is not enough to claim that the economy is headed up and only up. The city's private sector added 25,000 jobs in March, higher than expected. Hiring was strong in professional and business services (e.g. advertising), and, surprisingly, construction added more jobs than any other sector for the month. Numbers of employed continued to drop however in the city's highest-grossing sector, investment banking and securities trading. The negative effect on the city's economy will be much higher from continued problems in this sector, than it would in any other. The number of unemployed in the city decreased slightly but remained high, and the number of people collecting weekly unemployment benefits also remained high.
See "City Unemployment Rate Dropped to 10% in March", Patrick McGeehan, The New York Times, April 15, 2010