Study: NYC Unemployment Rate To Rise
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More bad news for the New York economy after a new study released Thursday shows the city's unemployment rate will hit more than eight percent next year.
The report comes from the Fiscal Policy Institute, and said 120,000 New Yorkers are likely to lose their jobs in 2009, bringing the total number of unemployed to 323,000.
The study also said the city lost about 10,000 jobs in the past four months alone. The city hasn't seen unemployment numbers that high since the period following the September 11th attacks.
The study said manufacturing jobs are getting hit hardest, followed by financial services jobs.
The report warns the city's unemployment assistance programs will have trouble catching up with the new wave of layoffs.
So far, the city has fared better than the rest of the country in terms of unemployment, but the study said the financial crisis is likely to change that.