New York State Economy Added 17,500 Private Sector Jobs in May 2021 (New Easy to Read Graphs)

New York’s Private Sector Jobs Grew by 13.2% Over the Year, Rising Faster Than Nation’s

According to preliminary figures released today by the New York State Department of Labor, the number of private sector jobs in New York State increased over the month by 17,500, or 0.2%, to 7,459,100 in May 2021. By comparison, the number of private sector jobs in the U.S. increased by 0.4% in May 2021.

New York State’s seasonally adjusted unemployment rate decreased from 8.2% to 7.8% in May 2021.

The number of private sector jobs in New York State is based on a payroll survey of 18,000 New York businesses conducted by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). Monthly payroll employment estimates are preliminary and subject to revision as more complete data become available the following month. The BLS calculates New York State’s unemployment rate based partly upon the results of the monthly Current Population Survey (CPS) of approximately 3,100 households in the State.

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, May 2020 versus May 2021.

Statewide Industry Employment

May 2021 – Seasonally Adjusted

  • On a net basis, the total number of nonfarm jobs in the state increased by 13,900 over the month, while private sector jobs rose by 17,500, in May 2021.
  • At the same time, the total number of nonfarm jobs in the nation increased by 559,000 while private sector jobs increased by 492,000.

NYS Job Growth Lagged the Nation in May 2021

Over-the-Month % Change in Total Nonfarm & Private Sector Jobs, April – May 202

 

Total Nonfarm and Private Sector Jobs Increased in May 2021

Total Nonfarm and Private Sector Jobs (in 1000s), January 1990 – May 2021

 

 

 

 

 

 

 

Statewide Unemployment
May 2021 – Seasonally Adjusted
• In May 2021, the statewide unemployment rate decreased from 8.2% to 7.8%.
• New York City’s unemployment rate decreased over the month from 11.4% to 10.9%. Outside of New York City, the unemployment rate decreased from 5.7% to 5.5%.
• The number of unemployed New Yorkers decreased over the month by 38,500, from 774,900 in April to 736,400 in May 2021.

NYS Unemployment Rate Fell by 0.4 Percentage Points in May 2021

Labor Force Statistics, May 2020, April – May 2021

 

 

 

 

 

 

 

 

 

Both the Labor Force and Number of Unemployed Fell in May 2021

Total Labor Force & Number of Unemployed, January 2010 – May 2021

 

 

 

 

 

 

NYS and US Unemployment Rates Decreased

Unemployment Rate, NYS and US, January 2010 – May 2021

 

 

 

 

 

 

 

 

Unemployment Rate Fell in NYC and Balance of State

Unemployment Rate, NYS and BOS, January 2010 – May 2021

 

 

 

 

 

 

 

 

 

Substate and Industry Employment

May 2021 – Seasonally Adjusted

New York State Outpaced Nation in Over-the-Year Job Gains

Over-the-Year Change in Total Nonfarm & Private Sector Jobs, May 2020 – May 2021

 

 

 

 

 

 

 

 

 

 

The Number of Leisure & Hospitality Jobs Increased by 59.8% Over the Year

Over-the-Year Change in Jobs by Major Industry Sector, May 2020 – May 2021

 

 

 

 

 

 

 

*Educational and health services is in the private sector. Government includes public education and public health services.

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

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.

In New York State, payroll jobs data by industry come from a monthly survey of 18,000 business establishments conducted by the U.S. Bureau of Labor Statistics. Data are preliminary and subject to revision. Jobs data by industry do not include agricultural workers, the self-employed, unpaid family workers or domestic workers in private households.

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. The state’s unemployment rate is based partly upon the results of the Current Population Survey, which contacts approximately 3,100 households in New York each month.