The unemployment rate for New York City fell to a seasonally adjusted 8.4% in September from 9.4% in August, according to statistics from the city comptroller's office.
The comptroller's office said the September unemployment rate is the city's lowest in two years, marking the first time the rate has fallen below 9% since October 1991.
"The September drop in joblessness is a ray of hope for the city," City Comptroller Elizabeth Holtzman said last week in a statement released with the report. "Combined with the fact that the city's inflation rate has remained relatively low, this may indicate that the city's economy may be starting to turn around."
But economists interviewed said politicians would be wise not to take too much comfort from the jobs statistics. One economist attributed the improvement to a 70,000 decrease in people actively seeking employment.
Others said monthly city and state employment figures are too skittish to signify overall economic improvement.
"These numbers are highly volatile," said John Lonski, a senior economist at Moody's Investors Service.
Lonski said the city's economy will probably continue to be burdened by slow job creation that will keep the number of people in the workforce well below levels achieved in the mid-1980s.
New York City's four professional sports teams and the U.S. Open tennis tournament contributed approximately $726 million to the city's economy in 1992, or about 0.3% of gross city product, according to analysts at Van Kampen Merritt Investment Advisory Corp.
Van Kampen, citing a report by the city comptroller's office, said the Mets baseball team added approximately $165 million, they Yankees baseball club $151 million, the Rangers hockey franchise $149 million, the Knicks basketball team $148 million, and the U.S. Tennis Association $113 million.
The figures include ticket sales, other team revenues, spending on food, transportation, and lodging. They also include an estimate of additional economic activity generated by games played in New York City.
The professional sports activities also added $22 million in tax revenues to the city's 1992 budget and created approximately 6,740 fulltime jobs. They also are credited with bringing in customers from outside the city.
New York City's four professional sports teams and the U.S. Open tennis tournament contributed approximately $726 million to the city's economy in 1992, or about 0.3% of gross city product, according to analysts at Van Kampen Merritt Investment Advisory Corp.
Van Kampen, citing a report by the city comptroller's office, said the Mets baseball team added approximately $165 million, they Yankees baseball club $151 million, the Rangers hockey franchise $149 million, the Knicks basketball team $148 million, and the U.S. Tennis Association $113 million.
The figures include ticket sales, other team revenues, spending on food, transportation, and lodging. They also include an estimate of additional economic activity generated by games played in New York City.
The professional sports activities also added $22 million in tax revenues to the city's 1992 budget and created approximately 6,740 fulltime jobs. They also are credited with bringing in customers from outside the city.
