New York City Mayor Eric Adams said new economic data shows significant decreases in Black and Latino unemployment between 2022 and 2024.
Between January 1, 2022, and July 1, 2024, the Black unemployment rate in the five boroughs decreased from 10.7% to 7.3% — a 31.7% decrease and nearly a full percentage point below the level pre-COVID, according to a news release.
In that same timeframe, the Latino unemployment rate decreased from 9.1% to 6.5% — a 28.6% decrease.
The labor force participation rates for Black, indigenous, and people of color, including Latino, as well as white New Yorkers have all increased over the same period, according to the news release.
“The data is clear: New York City isn’t just coming back, we’re back,” said Adams. “We have more jobs and more small businesses than ever before in our city’s history, and Black and Latino unemployment are both approximately 30% lower than when we came into office. That’s tens of thousands more hardworking New Yorkers able to provide for themselves and their families. We’re not stopping here, though — we won’t stop creating opportunities for all New Yorkers to thrive.”
The Adams administration has invested millions of dollars in job creation, including launching and advancing projects including the Brooklyn Army Terminal and Brooklyn Marine Terminal.
“Three months into office, Mayor Adams outlined a jobs blueprint to guide the city’s recovery while building a more resilient, equitable economy. The results speak for themselves: a record number of private-sector and total jobs, a record workforce participation rate, and a record number of small businesses,” said New York City Economic Development Corporation (NYCEDC) President and CEO Andrew Kimball.
