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NYS Adds 28,700 Private Sector Jobs in February 2018, Reaches New Record High

State Jobless Rate Dips to 4.6%, Lowest Level in More than a Decade

In February 2018, New York State’s private sector job count increased by 28,700, or 0.4%, to 8,151,800, a new record high, according to preliminary figures released today by the New York State Department of Labor. This was the State’s largest monthly job gain since July 2016, and the 0.4% growth in the State’s private sector job count was double the national growth rate. Since the beginning of Governor Andrew M. Cuomo’s administration, New York State’s economy has added 1,057,700 private sector jobs and experienced employment growth in 75 of the past 86 months.

In February, New York’s jobless rate dipped from 4.7% to 4.6%, its lowest level since July 2007. Pushing the statewide rate lower in February was another drop in New York City’s rate, which fell from 4.3% to 4.2%, a new, all-time low on records going back to 1976.

The number of unemployed New Yorkers also decreased over the month – falling from 452,400 in January to 450,100 in February 2018. This represented the state’s lowest level since September 2007.

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 become 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.

“New York’s economy expanded in February 2018 as the State added 28,700 private sector jobs to reach a new, all-time high, and our statewide unemployment rate dipped to 4.6%, its lowest level since before the recession,” said Bohdan M. Wynnyk, Director of the New York State Department of Labor’s Division of Research and Statistics.

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, February 2017 versus February 2018.

United States and New York State: January – February 2018

1) Jobs data (seasonally adjusted):

The table below compares the over-the-month change in the total nonfarm and private sector job counts in the United States and New York State in January-February 2018.

Change in Total Nonfarm and Private Sector Jobs
January – February 2018
Change in
Total Nonfarm Jobs:

(private sector + government)
Change in
Private Sector Jobs:
Net % Net %
United States +313,000 +0.2% +287,000 +0.2%
New York State +28,000 +0.3% +28,700 +0.4%

 

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 (CPS). The CPS contacts approximately 3,100 households in New York State each month. In February 2018, the statewide unemployment rate decreased from 4.7% to 4.6%. In addition, the number of unemployed New Yorkers decreased over the month, from 452,400 to 450,100.

 

Unemployment Rates (%)*
*Data are preliminary and subject to change, based on standard procedures outlined by the U.S. Bureau of Labor Statistics.
February 2018* January 2018 February 2017
United States 4.1 4.1 4.7
New York State 4.6 4.7 4.7
New York City 4.2 4.3 4.6
NYS, outside NYC 4.9 4.9 4.7

 

United States, New York State and Metro Areas: February 2017 – February 2018

1) Jobs data (not seasonally adjusted):

The following table compares the over-the-year changes in the total nonfarm and private sector job counts occurring in the United States, New York State and metro areas within the State between February 2017 and February 2018.

Change in Total Nonfarm and Private Sector Jobs by Area
February 2017 – February 2018
Change in
Total Nonfarm Jobs:

(private sector + government)
Change in
Private Sector Jobs:
Net %

 

Net %

 

United States +2,273,000 +1.6% +2,223,000 +1.8%
New York State +96,900 +1.0% +97,200 +1.2%
    Albany-Schenectady-Troy +5,300 +1.1% +5,400 +1.5%
    Binghamton -300 -0.3% -100 -0.1%
    Buffalo-Niagara Falls +6,900 +1.2% +6,600 +1.4%
    Dutchess-Putnam +4,100 +2.8% +4,200 +3.6%
    Elmira -400 -1.1% -400 -1.3%
    Glens Falls +300 +0.6% +100 +0.2%
    Ithaca +1,900 +2.9% +2,100 +3.8%
    Kingston +300 +0.5% +400 +0.9%
    Nassau-Suffolk +15,600 +1.2% +14,800 +1.3%
    New York City +72,500 +1.7% +74,700 +2.0%
    Orange-Rockland-Westchester +1,900 +0.3% +800 +0.1%
    Rochester +3,100 +0.6% +2,600 +0.6%
    Syracuse +100 0.0% -100 0.0%
    Utica-Rome -2,500 -2.0% -1,400 -1.5%
    Watertown-Fort Drum +500 +1.2% +600 +2.1%
    Non-metro Counties +1,900 +0.4% +1,100 +0.3%

 

Job highlights since February 2017:

  • Eleven metro areas in New York State added private sector jobs over the past year. The most rapid employment growth was in these areas:
    • Ithaca (+3.8%)
    • Dutchess-Putnam (+3.6%)
    • Watertown-Fort Drum (+2.1%)
    • New York City (+2.0%)
    • Albany-Schenectady-Troy (+1.5%)
    • Buffalo-Niagara Falls (+1.4%)
  • Non-metro counties in New York added 1,100 private sector jobs over the past year.
  • Over the past 12 months, four metro areas in the state lost private sector jobs: Utica-Rome (-1.5%), Elmira (-1.3%), Binghamton (-0.1%) and Syracuse (less than -0.1%).

Change in jobs by major industry sector: February 2017 – February 2018

1) Jobs data (not seasonally adjusted):

The table below compares the over-the-year change in jobs by major industry sector in New York State occurring between February 2017 and February 2018.

Change in Jobs by Major Industry Sector
February 2017 – February 2018
*Educational and health services is in the private sector.
Government includes public education and public health services.
Sectors With Job Gains:
Educational & Health Services* +35,200
Professional & Business Services +27,800
Leisure & Hospitality +10,800
Financial Activities +9,500
Other Services +7,100
Trade, Transportation & Utilities +7,100
Construction +6,300
Natural Resources & Mining +100
 
Sectors With Job Losses:
Manufacturing -4,600
Information -2,100
Government* -300

 

Highlights among New York State sectors with job gains since February 2017:

  • Private educational and health services added the most jobs (+35,200) of any major industry sector over the past year. Sector job gains were mostly in health care and social assistance (+43,500), especially ambulatory health care (+22,000).
  • From February 2017 to February 2018, the second largest employment increase occurred in professional and business services (+27,800). Most over-the-year job gains in this sector were found in administrative and support services (+15,700) and professional, scientific and technical services (+11,800).
  • The third largest increase in jobs over the past year occurred in leisure and hospitality, which grew by 10,800. Sector gains were centered in accommodation and food services (+15,100), especially food services and drinking places (+13,100).
  • Financial activities had the fourth largest increase in jobs (+9,500) between February 2017 and February 2018. Over-the-year sector gains were concentrated in real estate and rental and leasing (+6,700), especially real estate (+3,100).

Highlights among New York State sectors with job losses since February 2017:

  • Over the past 12 months, manufacturing lost the most jobs (-4,600) of any major industry sector in New York State. Over-the-year sector losses were focused in durable goods (-4,900), especially fabricated metal products (-1,200).
  • From February 2017 to February 2018, the second largest employment decrease occurred in information, which lost 2,100 jobs. Over-the-year sector job losses were focused in telecommunications (-5,300) and publishing (-2,100).

 

Unemployment Insurance Benefits: February 2018

1) Regular Unemployment Insurance:

  • For New York State, during the week that included February 12, 2018, there were 148,066 people (including 136,357 who live in the State) who received benefits under the regular Unemployment Insurance program.

 

  • In February 2018, New York State residents who received Unemployment Insurance benefits made up 30% of the total unemployed.

 

  • 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 (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.

 

  • 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 State, 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.

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