Private sector employment in New York City rose by 87,200, or 2.5 percent, to 3,556,000 for the 12-month period ending October 2014. Job growth occurred in education and health services (+24,500), leisure and hospitality (+21,300), professional and business services (+19,600), trade, transportation and utilities (+15,300), financial activities (+5,100), other services (+3,800), and construction (+1,300). Manufacturing was relatively unchanged in October while employment in the information sector decreased by 3,300. Government employment declined by 1,900 over-the-year.
New York City’s private sector job count rose by 25,800 between September and October (not seasonally adjusted), which was a slightly smaller gain than suggested by historical averages. Hiring in educational and health services, which is usually quite strong in October as schools return to full employment levels, trailed its 10-year average to stand at a gain of approximately 11,000 jobs. On the positive side, the leisure and hospitality sector retraced its surprisingly weak perfomance last month to add almost 4,000 in October when a gain of about 1,500 is more likely.
The NYC over-the-year picture was positive, with every sector except information and manufacturing adding jobs for the 12 months through October 2014. Education and health care added the most jobs (+24,500), but employment in leisure and hospitality grew the fastest (+5.5 percent). The city’s over-the-year private sector growth rate (+2.5 percent) was above the state’s (+1.5 percent) and the nation’s (+2.3 percent).
The city’s seasonally-adjusted unemployment rate was 6.4 percent in October 2014, down 0.4 points from September and 2.0 percentage points from last October. New York State’s rate was 6.0 percent in October 2014. The share of the city's working-age population (16+) who were employed was 56.3 percent in October 2014, up 1.4 percentage points from the same time last year. The number of New York City residents with jobs climbed 123,960 (+3.3 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 1.1 percent.
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