Jobless rate in city hits all-time low

Unemployment in New York City is at a record low, according to a new economic report from Controller Scott Stringer.

The unemployment rate fell to 4.2% in the second quarter of 2018 from 4.3% the previous quarter, driven down by the addition of 13,800 new jobs in April, May and June, according to Stringer's office.

Of those, 6,000 were jobs in “high-wage industries” — the biggest gain in that sector in the past two years.

“Strong economic growth and thousands of new jobs mean greater opportunity for New Yorkers across the five boroughs,” Stringer (inset) said.

“We must take advantage of our city's strong economy now, and set the foundation for long-term growth that lifts everyone up — that means linking local residents with good-paying local jobs, bold ideas to make housing more affordable, and thinking outside the box on issues from child care to transportation,” he said.

Still, he sounded a note of caution about the potential fallout of a growing federal deficit and the possibility of a trade war spurred by President Trump's tariffs.

The report also found that the city's economy expanded by 2.7% in the second quarter of 2018, about on pace with the first three months of the year.

The second-quarter unemployment rate was lower than the overall city rate in four out of five boroughs, the report said. It was 3.4% in Queens, 3.5% in Manhattan, 3.9% in Staten Island and 4% in the Brooklyn. The Bronx had the highest jobless rate, at 5.3%.