Jobs slow down, rents still rising.

The New York City Economic Development Agency released its monthly market snapshot that provides data showing that the city has continued to add jobs over the summer but at a slower pace and amid rising unemployment.

Private sector employment increased by 2,600 jobs in June, a figure that reflects a pronounced summer slowdown from May's 11,000-job increase. The city also lost 2,100 government jobs during the month. Unemployment also grew from May's 4.9% rate to 5.3% although the report wasn't specific if it was because the city had added fewer jobs and lost government positions.

Despite the job market's slack performance, office vacancy rates continued to compress and rents rose. Vacancy for downtown class A space offered direct dropped to 4.4% in July from 5% the month before. Rents for midtown class A space jumped by $4 to average at $83 per s/f. Midtown south had a 1% vacancy rate in July. Direct rents were posted at $52 per s/f.

Hotel occupancy rates were 90%, up from 89% last year The price that rooms are commanding rose palpably, averaging $306, or 15% more than average rates last June.