March 9, 2017 New York State Economy Tops 8 Million Private Sector Jobs
Statewide Unemployment Rate Falls to 4.6% 28,500 Private Sector Jobs Added in January 2017
In January 2017, New York State’s private sector job count increased by 28,500, or 0.4%, to 8,035,600, a new record high, according to preliminary figures released today by the New York State Department of Labor. Since the end of the State’s recession in late 2009, New York has added more than one million private sector jobs. Since the beginning of Governor Andrew M. Cuomo’s administration, New York State’s economy has added 941,500 private sector jobs and experienced employment growth in 62 of the past 73 months.
In January 2017, New York’s statewide unemployment rate decreased from 4.8% to 4.6%, its lowest level since June 2007. Pushing the statewide rate lower was a steep drop in New York City’s rate, which fell from 4.9% to 4.5%, its lowest level on record going back to 1976.
The State’s private sector job count is based on a payroll survey of 18,000 New York employers conducted by the U.S. Department of Labor’s Bureau of Labor Statistics. Monthly payroll employment estimates are preliminary and subject to revision as more data becomes available the following month. The federal government calculates New York State’s unemployment rate based partly upon the results of the Current Population Survey, which contacts approximately 3,100 households in New York State each month.
“The State’s labor market continued to expand in January 2017. Not only did the statewide economy reach a new record high of more than 8,000,000 private sector jobs, but our state’s unemployment rate dropped to its lowest level in almost a decade,” said Bohdan M. Wynnyk, Deputy Director of the New York State Department of Labor’s Division of Research and Statistics.
Labor force data, including unemployment rates, are also revised at the end of each year, using methods established by the U.S. Bureau of Labor Statistics. The revised labor force data show that New York State’s annual average unemployment rate fell from 5.3% in 2015 to 4.8% in 2016.
Highlights among New York State sectors with job gains since January 2016:
Private educational and health services added the most jobs (+65,200) of any major industry sector over the past year. Sector job gains were mostly in health care and social assistance (+63,500), especially ambulatory health care (+27,700).
From January 2016 to January 2017, the second largest employment increase occurred in professional and business services (+38,500). Sector gains were centered in professional, scientific and technical services (+21,600) and administrative and support services (+15,100).
The third largest jobs increase over the past year occurred in trade, transportation and utilities, which grew by 13,400. Over-the-year job gains in this sector were centered in retail trade (+13,000), especially clothing and clothing accessories stores (+6,400).
Leisure and hospitality had the fourth largest increase in jobs (+12,000) between January 2016 and January 2017. Over-the-year sector job gains were mostly in accommodation and food services (+14,400), especially food services and drinking places (+15,700).
Highlights among New York State sectors with job losses since January 2016:
Over the past 12 months, manufacturing lost the most jobs (-15,800) of any major industry sector in New York. Over-the-year sector losses were concentrated in durable goods (-11,300), especially machinery manufacturing (-1,900) and computers and electronic products (-1,600).
From January 2016 to January 2017, the second largest employment decrease occurred in financial activities, which lost 500 jobs. Sector job losses were focused in finance and insurance (-1,200), especially securities, commodity contracts and other financial investments (-900).
For more information, please visit the New York State Department of Labor Website www.labor.ny.gov