Featured News - Current News - Archived News - News Categories

New York state's unemployment rate drops to 5.4 percent

Submitted

Thu, Aug 20th 2015 02:50 pm

Lowest level in seven years

State economy adds 19,300 private-sector jobs in July, hitting highest three-month jobs gain on record

In July, New York state's private-sector job count climbed by 19,300, or 0.2 percent, to 7,831,700, a new record high, according to preliminary figures released Thursday by the New York State Department of Labor. In addition, New York's unemployment rate decreased from 5.5 percent to 5.4 percent, the state's lowest rate since July 2008. New York City's unemployment rate dropped from 6.1 percent to 5.7 percent, its lowest level since August 2008.

Over the past three months, the state has added 95,300 private-sector jobs, marking New York's largest three-month jobs gain on record. Since the beginning of Gov. Andrew M. Cuomo's administration, New York's economy has added 721,400 private-sector jobs and experienced employment growth in 48 of the past 55 months.

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's unemployment rate partly based upon the results of the current population survey, which contacts approximately 3,100 households in New York each month.

"New York state's labor market continues to exhibit strength. Over the past three months, the state has added 95,300 private-sector jobs, including a gain of 19,300 jobs in July 2015. In addition, New York's unemployment rate dropped to 5.4 percent in July, its lowest level in seven years," said Bohdan M. Wynnyk, deputy director of the division of research and statistics.

By the numbers:

Note: Seasonally adjusted data are used to provide the most valid month-to-month comparison. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month (for example, July 2014 versus July 2015).

1) Jobs data (seasonally adjusted):

U.S. and New York state, June-July 2015

The table below compares the over-the-month change in total nonfarm and private-sector jobs in the U.S. and New York in June-July 2015:

2) Unemployment rates (seasonally adjusted):

The state's unemployment rate is calculated by the U.S. Bureau of Labor Statistics, using a statistical regression model that primarily uses the results of the current population survey, which contacts approximately 3,100 households in New York each month. The statewide unemployment rate decreased from 5.5 percent in June to 5.4 percent in July. The number of unemployed New Yorkers decreased in July from 537,400 to 519,300.

3) Jobs data (not seasonally adjusted):

U.S., New York and metro areas: July 2014-July 2015

The table that follows compares the over-the-year change in total nonfarm and private-sector jobs that occurred in the U.S., New York and metro areas within the state between July 2014 and July 2015:

Job highlights since July 2014:

Over the past year, private-sector jobs grew most rapidly in these metro areas:

  • New York City (3.0 percent)
  • Buffalo-Niagara Falls (2.7 percent)
  • Ithaca (2.5 percent)
  • Elmira (2.2 percent)
  • Rochester (2.2 percent)

One area in New York - Watertown-Fort Drum (1.2 percent) - lost private-sector jobs between July 2014 and July 2015.

4) Jobs data (not seasonally adjusted):

Change in jobs by major industry sector, July 2014-July 2015

The table below compares the over-the-year change in jobs by major industry sector in New York occurring between July 2014 and July 2015:

 

Highlights among NYS sectors with job gains since July 2014:

  • Private educational and health services added the most jobs (67,700) of any major industry sector over the past year. Sector job gains were mostly in health care and social assistance (46,900), especially ambulatory health care services (31,300).
  • Professional and business services had the second largest increase in jobs (34,400) between July 2014 and July 2015. Over the past year, sector job gains were mostly in professional, scientific and technical services (23,500) and in administrative and support services (9,300).
  • The third-largest employment increase over the past year was registered in trade, transportation and utilities (26,400), with sector gains centered in retail trade (11,600) and in transportation and warehousing (10,800).

Highlights among NYS sectors with job losses since July 2014:

  • Natural resources and mining was the only industry sector to lose jobs (300) between July 2014 and July 2015.

5) Regular Unemployment Insurance (UI):

For New York, during the week that included July 12, 2015, there were 136,949 people (including 126,341 who live in the state) who received benefits under the regular unemployment insurance program.

New York residents who received unemployment insurance benefits made up 24 percent of the total unemployed in the state in July 2015.

Note: The responsibility for the production of monthly estimates of state and metro area nonfarm employment by industry moved from the Division of Research and Statistics to the U.S. Bureau of Labor Statistics, starting with the March 2011 estimates. More detailed information on the change is available on the BLS website.

Many economic data series have a seasonal pattern, which means they tend to occur at the same time each year (e.g., retail jobs usually increase in December). Seasonal adjustment is the process of removing seasonal effects from a data series. This is done to simplify the data so that they may be more easily interpreted and help to reveal true underlying trends. Seasonal adjustment permits comparisons of data from one month to data from any other month.

Labor force statistics, including the unemployment rate, for New York and every other state are based on statistical regression models specified by the U. S. Bureau of Labor Statistics. In New York, payroll jobs data by industry come from a monthly survey of 18,000 business establishments. Jobs data by industry do not include agricultural workers, the self-employed, unpaid family workers or domestic workers in private households.

comments powered by Disqus