New York has regained nearly half of the jobs lost during the recession 2 years ago according to a new report by the State Comptroller Tom DiNapoli. Though, the Comptroller warns that the recovery was much slower in many areas. The growth in the private sector was better, where 58 percent of jobs have been regained. The total number has dropped because state and local goverments have shed more than 29 thousand jobs.

One bright spot was Rochester, where the city has regained 98% of the jobs lost during the recession. New York City and Glens Falls have also outpaced the state average.

As a state, New York is outpacing the national average when it comes to recovery – though in recent months we have fallen behind, shedding jobs here while the country has been adding more than 200 thousand new jobs. In the report, DiNapoli warns that things would get worse if Congress doesn’t pass the payroll tax extension. Also highlights the losses by Wall Street in the 3rd quarter of last year as a sign that the state’s overall economy is still struggling.

There are two good signs. First that consumer confidence has started to improve. And second that manufacturing jobs have ticked up in recent months in the Empire State.

Nys Econ Trends15-2012

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