Jobs bill would create 70,000 New York jobs: congresswoman

A report by the office of U.S. Rep. Nydia Velazquez of New York also found the proposed full holiday payroll tax would save $381 million for the city's 467,000 small businesses. That provision would apply to businesses with payroll growth of up to $50 million above the previous year.

"All of these things together will increase economic activity and spur hiring," Velazquez told supporters gathered at the steps of New York City Hall.

Mayor Michael Bloomberg weighed in on the jobs debate earlier on Friday, warning that joblessness could lead to social unrest.

"The damage to a generation that can't find jobs will go on for many, many years," Bloomberg said in his weekly WOR radio interview. "We have a lot of kids graduating college, can't find jobs. That's what happened in Cairo. That's what happened in Madrid. You don't want those kinds of riots here."

According the Velazquez study, which based its estimates on the White House's state-by-state summary of the jobs act, the biggest growth in New York City would be in construction with an increase of 27,516 jobs. Small businesses would add 15,769 jobs and low-income workers would find 16,696 more jobs available, with the remaining jobs going to other sectors.