Private sector employment in New York City rose by 101,000, or 3.0 percent, to 3,519,400 for the 12-month period ending July 2014. Job growth occurred in education and health services (+37,800), trade, transportation and utilities (+19,300), leisure and hospitality (+17,900), professional and business services (+12,400), financial activities (+6,700), construction (+3,000), and other services (+2,900). Manufacturing and information were relatively unchanged over-the-month. Government employment declined by 3,000 over-the-year.
New York City’s private sector job count declined by 9,000 between June and July (not seasonally adjusted), which was a much smaller loss than suggested by historical averages. Financial activities growth was again positive with a gain of 6,700 jobs over-the-month when an increase of 2,900 is more common. This sector usually posts robust growth in July, as new hires of college graduates and summer interns swell payrolls at financial firms. Another source of growth in July was the motion picture industry, which has been very strong in recent years. The film industry grew by 1,000 jobs over-the-month, which accounted for nearly 40% of the monthly gain in the information sector. Year-over-year, motion pictures increased by 3,000, or 5.8%, to stand at 55,100 jobs, the second highest employment level on record for this industry.
The NYC over-the-year picture was positive, with all nine sectors adding jobs for the 12 months through July 2014. The education and health care both added the most jobs (+37,800) and grew the fastest (+4.8 percent). The city’s over-the-year private sector growth rate (+3.0 percent) was above the state’s (+1.9 percent) and the nation’s (+2.2 percent).
The city’s seasonally-adjusted unemployment rate was 7.8 percent in July 2014, down 0.1 points from June and a full percentage point from last July. New York State’s rate was 6.6 percent in July 2014. The share of the city's working-age population (16+) who were employed was 55.8 percent in July 2014, up a full percent from the same time last year. The number of New York City residents with jobs climbed 101,100 (2.7%) in the last 12 months.
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