Private sector employment in New York City rose by 81,100, or 2.3 percent, to 3,580,100 for the 12-month period ending November 2014. Job growth occurred in education and health services (+26,500), professional and business services (+21,400), trade, transportation and utilities (+13,600), leisure and hospitality (+13,500), other services (+5,500), and financial activities (+3,900). Manufacturing and construction employment dropped by a few hundred from last November while employment in the information sector decreased by 2,300. Government employment declined by 1,700 over-the-year.
New York City’s private sector job count rose by 24,800 between October and November (not seasonally adjusted), in line with a gain suggested by historical averages. Retail hiring, boosted by previously announced seasonal increases by major department stores, increased by 12,300 over-the-month. This increase ties the record monthly gain in the retail sector with the previous high achieved in 2007. Also of note was hiring in educational and health services, which trailed its averages in October. Employment in this sector bounced back in November with a gain of 11,800, almost double that of the 10-year average increase.
The City’s over-the-year picture was positive, with six sectors adding jobs and three sectors losing jobs for the 12 months through November 2014. Education and health care added the most jobs (+26,500) but employment grew the fastest in leisure and hospitality (+3.5 percent). The city’s over-the-year private sector growth rate (+2.3 percent) was above the state’s (+1.3 percent) and equal to the nation’s (+2.3 percent).
The city’s seasonally-adjusted unemployment rate was 6.3 percent in November 2014, down 0.1 points from October and 1.9 percentage points from last November. New York State’s rate was 5.9 percent in November 2014. The share of the city's working-age population (16+) who were employed was 56.3 percent in November 2014, up 1.3 percentage points from the same time last year. The number of New York City residents with jobs climbed 125,000 (+3.4 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 1.2 percent.
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