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Private sector employment in New York City rose by 33,500, or 1.1 percent, to 3,128,600 for the 12-month period ending July 2010. Job growth occurred in educational and health services (+19,900), leisure and hospitality (+13,000), other services (+10,300), and professional and business services (+2,300). Job losses were greatest in natural resources, mining and construction (-5,300), manufacturing (-2,200), information (-2,100), and financial activities (-1,400). Government employment fell over the year by 49,100 as the number of people hired by the Summer Youth Employment Programs dropped significantly from last year’s stimulus package inflated levels.
The City’s private sector job count fell by 3,500 between June and July (not seasonally adjusted), which was significantly better than the 10-year average loss of 34,400. After a mixed jobs picture in June, July painted a more upbeat outlook. The only industry to show weaker-than-average results for the month was transportation, warehousing and utilities. Professional and business services enjoyed gains consistent with those seen earlier this year, as the sector added 5,000 jobs when a loss of 1,400 over the month is more typical. Similar to last month, construction and leisure and hospitality enjoyed above-average over-the-month gains. Retail trade was also stronger than average, subtracting only a 100 jobs compared to an average loss of 2,700 jobs for July. Future months will likely bring more gains in retail, as large discounter chains continue to announce store openings and developers move forward with new retail projects.
The City’s over-the-year private sector growth rate in July (+1.1 percent) was better than in the state (+0.5 percent) and nation (less than +0.1 percent).
The City’s seasonally-adjusted unemployment rate was 9.4 percent in July 2010, down for the seventh month in a row and below the year-earlier level (9.9 percent). By comparison, New York State’s rate was 8.2 percent in July and the National rate was 9.5 percent. The decline in the City’s unemployment rate has occurred even as the labor force, the portion of the population active in the job market, rises.
Of Special Interest to the New York City Region:
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