Summer Break Part of Higher Unemployment Rate
7/24/2013 (Updated 11:00:15 PM)Local unemployment rates ticked up in Binghamton last month, but one economist says there's no reason to panic.
Binghamton's jobless rate is down more than an entire percentage point compared to last June's numbers, falling from 8.9 to 7.7 percent, although it was even lower, 7.5 percent, in May. Private sector jobs statewide have increased by more than 110,000 from just a year ago.
So, why the uptick in the jobless rate in Binghamton over last month? A local economist says the summer break for schools is part of it.
"They will at least in theory retain their jobs when school comes back in session, but in the meantime they are out there actively seeking employment and are not considered employed. So they would show up in that statistic," said Regional Labor Market Analyst Christian Harris.
The state's unemployment rate is 7.5%. It dropped below the nation's average for the first time since December of 2011.
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