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NYC unemployment drops to lowest since Sept. '01
New York City's unemployment rate dropped to a seasonally adjusted 6.7% in August, its lowest rate since September 2001, according to the state Department of Labor.

The August rate is down from 7.5% in July and 8.4% a year earlier. Statewide, the unemployment rate is at 5.4%, its lowest point since November 2001. The national unemployment rate was also 5.4%.

The drop in the unemployment rate signals a decline in the number of people looking for work. James Brown, an analyst with the Labor Department, notes that the labor force typically shows a decline toward the end of summer as seasonal workers return to school or find other jobs.