New York has led the nation in job cuts this year, far outpacing other large states, a report Aug. 1 said.
New York had about 59,200 layoffs between January and July, a 60 percent increase from the same period last year, according to the review by Challenger, Gray & Christmas, Inc., a Chicago-based outplacement company.
“New York is facing these heavy cuts in part because of its one core industries, the financial sector, has really seen heavy change,” said John Challenger, the company’s CEO.
The company said the financial sector, mainly located in New York City, accounted for more than 26,500 of the job cuts announced this year in New York. The company bases its review on public notices of layoffs, labor statistics and news reports.
The second largest number of cuts came in computer-related fields. For the same period in 2012, New York had 32,470 job losses, the group said, led by 9,300 in the consumer-products sector.
The job cuts in New York far surpassed those in other large states. California was reported to have about 27,500 cuts, and Texas had nearly 26,000.
Updated: The report has an important caveat. It says the “listings are identified by the location of the layoff or corporate headquarters as stated in announcement.” So that means that while headquarters of a company may be in New York—and many are—the job cuts might also not be in the state.
The report contrasts recent unemployment figures from the state Department of Labor. The state’s unemployment in June fell from 7.6 percent to 7.5 percent—the lowest since February 2009 and the first time in more than a year it has dropped below the national average.
The state Labor Department said New York is one of only eight states to have regained all its private-sector jobs lost during the recession. The unemployment rate in June was 8.4 percent in New York City and 6.9 percent for the rest of the state.