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State’s Economy Adds 4,500 Private Sector Jobs in September, Unemployment Rate Drops to 6.2%

Albany, NY (October 16, 2014) -
New York State’s private sector job count grew by 4,500, or 0.1 percent, in September 2014, according to preliminary figures released today by the New York State Department of Labor. This latest monthly employment gain raised New York State’s overall private sector job count to 7,614,500, an all-time high.

The statewide unemployment rate declined from 6.4% to 6.2% in September 2014, its lowest level since October 2008. In addition, New York City’s unemployment rate dropped from 7.8% to 6.8% over the past two months, marking the City’s largest two month rate drop ever (current records go back to 1976). In September, the number of individuals collecting Unemployment Insurance benefits from New York State dropped to 125,437, the lowest level since November 2007, right before the start of the U.S. recession. This compares to the peak of 680,000 individuals collecting benefits in February 2010, which, at the time, included federal extended benefits programs.

Since the beginning of Governor Andrew M. Cuomo’s administration, the state’s economy has added 511,900 private sector jobs and experienced employment growth in 40 of the past 45 months. September 2014 marked New York State’s 22nd consecutive month of private sector job growth, the state’s longest streak ever (current records go back to 1990).

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 State each month.

“The New York State economy added 4,500 private sector jobs in September 2014 marking yet another record high for the private sector job count. September was our state’s 22nd consecutive month of private sector job growth. In addition, our statewide jobless rate fell to 6.2%, its lowest level since October 2008,” said Bohdan M. Wynnyk, Deputy Director of the 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, September 2013 versus September 2014.

Unemployment Rates-Not Seasonally adjusted (%)*

  September
2014
August
2014
September
2013
United States 5.9 6.1 7.2
New York State 6.2 6.4 7.5
North Country 6.4 6.8 8.1
U-6 11.8 12.0 13.6

*Data are preliminary and subject to change, based on standard procedures outlined by the U.S. Bureau of Labor Statistics.

Job highlights since September 2013:

  • In the 10-county Downstate region, private sector jobs grew by 2.3% over the past year. The Downstate region’s private sector job growth was most rapid in New York City (+2.8%) and Nassau-Suffolk (+1.8%).
  • In the 52-county Upstate region, the private sector job count grew by 0.3% over the past year. Private sector job growth occurred in both the region’s metro areas (+0.4%) and in counties outside of metro areas (+0.3%).
  • Over the past year, private sector jobs grew most rapidly in these metro areas:
    • New York City (+2.8%)
    • Nassau-Suffolk (+1.8%)
    • Kingston (+1.3%)
    • Albany-Schenectady-Troy (+1.1%)
  • The metro areas in the state to lose private sector jobs between September 2013 and September 2014 were Syracuse (-0.5%), Glens Falls (-0.4%), Utica-Rome (-0.3%) and Binghamton (-0.2%).

Number of Non-Farm Jobs in the North Country*

  September
2014
August
2014
September
2013
Clinton 34,400 33,800 34,100
Essex 14,800 15,800 1549,00
Franklin 19,200 19,000 19,400
Hamilton 2,200 2,400 2,200
Total 70,600 71,000 70,600

*Data are preliminary and subject to change, based on standard procedures outlined by the U.S. Bureau of Labor Statistics.

 

 

Change in jobs by major industry sector, September 2013 – September 2014

The table below compares the over-the-year change in jobs by major industry sector in New York State occurring between September 2013 and September 2014.

Sectors with Job Gains:
Educational & Health Services* +39,000
Professional & Business Services +32,700
Leisure & Hospitality +21,200
Trade, Transportation, & Utilities +21,100
Construction +10,300
Financial Activities +5,100
Other Services +4,400
Natural Resources & Mining +200
Sectors with Job Losses:
Manufacturing -10,500
Government* -3,600
Information -3,000

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

Highlights among NYS sectors with job gains since September 2013:

  • Private educational and health services added the most jobs (+39,000) of any major industry sector over the past year. Sector employment gains were centered in health care and social assistance (+35,000), especially ambulatory health care services (+22,000).
  • Professional and business services had the second largest increase in jobs (+32,700) between September 2013 and September 2014. Over the past year, sector job gains were mostly in administrative and support services (+16,600), and professional, scientific and technical services (+14,400).
  • The third largest employment increase over the past year was registered in leisure and hospitality (+21,200), with most sector gains in accommodation and food services (+19,900), especially in food services and drinking places (+18,200).

Highlights among NYS sectors with job losses since September 2013:

  • Over the past 12 months, manufacturing lost more jobs (-10,500) than any other major industry sector in the state. Manufacturing job losses between September 2013 and September 2014 were mostly in durable goods (-6,400), especially computers and electronic products (-3,400).
  • Between September 2013 and September 2014, government job losses (-3,600) were greatest at the local level (-2,300), especially local elementary and secondary schools (-2,600).