In this section of the business plan we look at the labor force and the unemployment rate for Westchester County. Looking at these two key economic indicators

over a long period of time ( we recommend at least 10 years), is able to give us some very good perpective into how the labor force has grown over time and also howsensitive the unemployment rate is to the regular business cycles of growth and recession.

In our analysis we find that duringthe recession of 1991, the labor force actual shrank - this of course is not surprising since many folks who were looking for jobs probably gave up looking for jobs and hence were no longer counted in the labor force or unemployment rate during that period of slow economic activity. What is importantto note is that after than even through the 2001 slowdown, the labor force did not shrink even though the unemployment rate rose.

The overall trend in the unemployment rate since January 1992 has actually been very stable after an initial spike up to the mid 7% range in 1994. Unemployment rates haveacutally come down for Westchester County and stood at 3.4% during December 2009 inspite of the very severe economic recession that the national economy enduredbeginning in the fall of 2008.

This stable unemployment rate and steady increase in the labor pool are indicative of a relatively stable business and economic environment. It denotes that businessesin Westchester County do not feel the pressure in a slowdown and are not quick to let go of workers. This of course means that the disposable income of the localpopulation is stable an all this leads to healthy and steady consumption of goods and services.

Quick Links:

1. Go to the Corresponding Template section for this industry.
2. Go to the Corresponding Questionnaire section for this industry.