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Unemployment down, sales tax revenues up in New York

Nov 19, 2021 1:01 pm

Nick Reisman reports at New York State of Politics that New York's economy continued to recover from the COVID-19 pandemic. The unemployment rate in October in New York fell from 7.1 percent to 6.9 percent, with more than 40,000 jobs added in the private sector, according to the state Department of Labor. New York still trails the rest of the nation, which has just a 4.6 percent unemployment rate. And New York Comptroller Tom DiNapoli announced Nov. 19 that state sales tax revenues are up 12.9 percent compared to the same time period a year ago. “Sales tax collections came in strong in October, boosting local revenues,” DiNapoli said. “The consistent growth over the last few months is a positive sign of our economic recovery and life moving forward as we deal with the ongoing reality of COVID-19.” There was more than $1.5 billion in sales tax last month, an increase of $175 million from October 2020. Read more about this story at New York State of Politics.