Unemployment – Jobless Rate Lowest Since 2008

Unemployment numbers are definitely looking better across the nation and in Long Island. U.S. hiring increased during the month of February compared to January. In fact, the Labor Department stated that employers added 175,000 jobs during February. This number is up considerably from January’s 129,000 jobs.

What makes these numbers even more encouraging is the fact that we’ve experienced extremely cold and harsh weather this past winter, which typically disrupts economic activity. The fact that unemployment numbers are decreasing in these conditions is indeed very promising. People are still out there looking for jobs and finding them.

The jobless rate in New York State dropped to 6.8%. Gov. Andrew Cuomo said on public radio’s “The Capitol Pressroom”: “That’s the lowest level since 2008. The
unemployment numbers all across the state are very, very positive.” Likewise, the news for Long Island is also encouraging as businesses are continuing to expand and continuing to take on new hires. In January, Long Island’s unemployment rate fell to 5.9%, from 7.6% one year ago.

The long term view for Long Island’s economy gets better and better. The results of the 2013 Long Island Small Business Survey sponsored by Bethpage Federal Credit
Union’s Business Banking Group painted a positive picture of the economy. Bethpage CEO Kirk Kordeleski ascertained that “Long Island small businesses saw marked
growth in 2013 and consumer confidence is certainly on the rise.”

In possibly the most dramatic finding, based on responses from 604 businesses with up to $10 million sales, 73% of companies expect to grow their workforce over five years. No doubt these are bold and encouraging numbers. At the heart of these numbers is one undeniable fact: the overall business climate for Long Island is
looking promising.

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