Economic Research & Analysis

August 2005 Economic Snapshot

Highlights

Private employment increased by 8,500 jobs in June, after a decrease of 1,000 jobs in May.
The unemployment rate decreased to 5.5 percent in June from 5.9 percent in May.
The NYC hotel occupancy rate in June 2005 was 90 percent, compared to 87 percent in June 2004.
The Direct Class A office vacancy rate was 7.2 percent in July, while the average asking rent was $49 per SF.

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