Private sector employment in New York City rose by 95,400, or 2.8 percent, to 3,529,900 for the 12-month period ending September 2014. Job growth occurred in education and health services (+32,000), professional and business services (+20,000), trade, transportation and utilities (+17,000), leisure and hospitality (+15,700), financial activities (+7,500), other services (+4,600), and construction (+2,300). Manufacturing was relatively unchanged in September while employment in the information sector decreased by 3,900. Government employment declined by 1,900 over-the-year.
New York City’s private sector job count rose by 11,800 between August and September (not seasonally adjusted), which was a significantly smaller gain than suggested by historical averages. The most noticeable area of weakness was the leisure and hospitality sector. While employment usually rises in this sector during August and September, this month’s relatively unchanged employment (+400) was much lower than the 10-year average gain of 4,200. Professional and business services outperformed in September with a 1,000 month-to-month gain where a decline of more than 3,000 might be expected according to a historical pattern.
The NYC over-the-year picture was positive, with every sector except information adding jobs for the 12 months through September 2014. Education and health care both added the most jobs (+32,000) and grew the fastest (+4.0 percent). The city’s over-the-year private sector growth rate (+2.8 percent) was above the state’s (+1.6 percent) and the nation’s (+2.3 percent).
The city’s seasonally-adjusted unemployment rate was 6.8 percent in September 2014, down 0.5 points from August and 1.8 percentage points from last September. New York State’s rate was 6.2 percent in September 2014. The share of the city's working-age population (16+) who were employed was 56.0 percent in September 2014, up 1.1 percentage points from the same time last year. The number of New York City residents with jobs climbed 106,983 (2.9 percent) in the last 12 months. The over-the-year decline in the unemployment rate occurred even as New York City’s labor force went up by 0.8 percent.
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