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New York State Department of Labor

NYS Economic Expansion Continued in 2017; State Reaches New All-time Jobs High and Unemployment Rate Falls to 10-year Low

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Albany, NY (March 08, 2018) -

Newly revised data from the federal government show that New York’s economic expansion continued in 2017. Last year, the state’s annual private sector job count reached 8,067,400, a new, all-time high, and the state’s unemployment rate fell to 4.7%, its lowest level in a decade. 2017 also marked the state’s eighth consecutive year of job growth. Since 2009, the state’s economy has added more than one million private sector jobs on an annual basis.

Since the beginning of Governor Andrew M. Cuomo’s administration, New York State’s economy has added 1,025,400 private sector jobs and experienced employment growth in 74 of the past 85 months. In January 2018, New York’s statewide unemployment rate was unchanged at 4.7% and the state’s private sector job count fell by 4,400.

The State’s private sector job count is based on a payroll survey of 18,000 New York employers conducted by the U.S. Department of Labor’s Bureau of Labor Statistics. Monthly payroll employment estimates are preliminary and subject to revision as more data become available the following month. The federal government calculates New York State’s unemployment rate based partly upon the results of the Current Population Survey, which contacts approximately 3,100 households in New York State each month.

“New data from the U.S. Bureau of Labor Statistics show that the New York State economy continued to grow last year. In 2017, our annual private sector job count exceeded 8 million for the first time and the state’s jobless rate reached its lowest yearly level since 2007,” said Bohdan M. Wynnyk, Director of the New York State Department of Labor’s Division of Research and Statistics.

Note: Seasonally adjusted data are used to provide the most valid month-to-month comparison. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month – for example, January 2017 versus January 2018.

Jobs data are revised at the end of each year for all states and the nation as more complete information becomes available from employers’ Unemployment Insurance records. This process is called “benchmarking” and is federally mandated. For more details, see: Annual Benchmark Analysis (opens in new window).

Labor force data, including unemployment rates, are also revised at the end of each year, using methods established by the U.S. Bureau of Labor Statistics. The revised labor force data show that New York State’s annual average unemployment rate fell from 4.8% in 2016 to 4.7% in 2017, its lowest annual average rate since 2007.

United States and New York State: December 2017 – January 2018

1) Jobs data (seasonally adjusted):

The table below compares the over-the-month change in the total nonfarm and private sector job counts in the United States and New York State in December 2017-January 2018.

Change in Total Nonfarm and Private Sector Jobs
December 2017 – January 2018
  Change in
Total Nonfarm Jobs:

(private sector + government)
Change in
Private Sector Jobs:

Net
%
Net
%
United States +200,000 +0.1% +196,000 +0.2%
New York State -2,800 0.0% -4,400 -0.1%

2) Unemployment rates (seasonally adjusted):

The State’s unemployment rate is calculated by the U.S. Bureau of Labor Statistics, using a statistical regression model that primarily uses the results of the Current Population Survey (CPS). The CPS contacts approximately 3,100 households in New York State each month. In January 2018, the statewide unemployment rate was unchanged at 4.7%. In addition, the number of unemployed New Yorkers decreased over the month, from 454,900 to 452,500.


Unemployment Rates (%)*
*Data are preliminary and subject to change, based on standard procedures outlined by the U.S. Bureau of Labor Statistics.
  January 2018* December 2017 January 2017
United States 4.1 4.1 4.8
New York State 4.7 4.7 4.7
New York City 4.3 4.4 4.7
NYS, outside NYC 4.9 4.9 4.7

 

United States, New York State and Metro Areas: January 2017 – January 2018

1) Jobs data (not seasonally adjusted):

The following table compares the over-the-year changes in the total nonfarm and private sector job counts occurring in the United States, New York State and metro areas within the State between January 2017 and January 2018.


Change in Total Nonfarm and Private Sector Jobs by Area
January 2017 – January 2018
  Change in
Total Nonfarm Jobs:

(private sector + government)
Change in
Private Sector Jobs:
 
Net
%
Net
%
United States +2,080,000 +1.5% +2,070,000 +1.7%
New York State +91,500 +1.0% +91,600 +1.2%
    Albany-Schenectady-Troy +7,400 +1.6% +7,400 +2.1%
    Binghamton +100 +0.1% +400 +0.5%
    Buffalo-Niagara Falls +7,600 +1.4% +8,000 +1.7%
    Dutchess-Putnam +1,800 +1.3% +2,200 +1.9%
    Elmira -400 -1.1% -400 -1.3%
    Glens Falls -100 -0.2% -400 -0.9%
    Ithaca +500 +0.8% +600 +1.1%
    Kingston 0 0.0% +200 +0.4%
    Nassau-Suffolk +7,600 +0.6% +7,000 +0.6%
    New York City +75,500 +1.7% +77,400 +2.0%
    Orange-Rockland-Westchester +200 0.0% -1,200 -0.2%
    Rochester +3,400 +0.7% +2,800 +0.6%
    Syracuse -500 -0.2% -600 -0.2%
    Utica-Rome -600 -0.5% +400 +0.4%
    Watertown-Fort Drum +400 +1.0% +500 +1.8%
    Non-metro Counties +300 +0.1% -200 -0.1%

 

Job highlights since January 2017:

  • Eleven metro areas in New York State added private sector jobs over the past year. The most rapid employment growth was in these areas:
    • Albany-Schenectady-Troy (+2.1%)
    • New York City (+2.0%)
    • Dutchess-Putnam (+1.9%)
    • Watertown-Fort Drum (+1.8%)
    • Buffalo-Niagara Falls (+1.7%)
  • Non-metro counties in New York State lost a combined 200 private sector jobs over the past year
  • Over the past 12 months, four metropolitan statistical areas in the state -- Elmira (-1.3%), Glens Falls (-0.9%), Orange-Rockland-Westchester (-0.2%) and Syracuse (-0.2%) -- lost private sector jobs.

Change in jobs by major industry sector: January 2017 – January 2018

1) Jobs data (not seasonally adjusted):

The table below compares the over-the-year change in jobs by major industry sector in New York State occurring between January 2017 and January 2018.

Change in Jobs by Major Industry Sector
January 2017 – January 2018

*Educational and health services is in the private sector.
Government includes public education and public health services.
Sectors With Job Gains:
Educational & Health Services* +44,000
Professional & Business Services +30,700
Financial Activities +8,000
Leisure & Hospitality +7,000
Other Services +4,000
Trade, Transportation & Utilities +2,200
Construction +500
 
Sectors With Job Losses:
Manufacturing -4,700
Government* -100
Information -100

 

Highlights among New York State sectors with job gains since January 2017:

  • Private educational and health services added the most jobs (+44,000) of any major industry sector over the past year. Sector job gains were mostly in health care and social assistance (+43,700), especially ambulatory health care (+22,000).
  • From January 2017 to January 2018, the second largest employment increase occurred in professional and business services (+30,700). Most over-the-year job gains in this sector were found in administrative and support services (+15,600) and professional, scientific and technical services (+13,500).
  • The third largest increase in jobs over the past year occurred in financial activities, which grew by 8,000. Sector gains were centered in real estate and rental and leasing (+5,900), especially real estate (+2,900).
  • Leisure and hospitality had the fourth largest increase in jobs (+7,000) between January 2017 and January 2018. Over-the-year sector gains were concentrated in accommodation and food services (+12,300), especially food services and drinking places (+10,600).

Highlights among New York State sectors with job losses since January 2017:

  • Over the past 12 months, manufacturing lost the most jobs (-4,700) of any major industry sector in New York State. Over-the-year sector losses were focused in durable goods (-4,700), especially fabricated metal products (-800) and machinery manufacturing (-600).

 

Unemployment Insurance Benefits: January 2018

1) Regular Unemployment Insurance:

For New York State, during the week that included January 12, 2018, there were 148,551 people (including 136,921 who live in the State) who received benefits under the regular Unemployment Insurance program.

In January 2018, New York State residents who received Unemployment Insurance benefits made up 30% of the total unemployed.

Note: The responsibility for the production of monthly estimates of state and metro area nonfarm employment by industry moved from the Division of Research and Statistics to the U.S. Bureau of Labor Statistics (BLS), starting with the March 2011 estimates. More detailed information on the change is available on the BLS web site.

Many economic data series have a seasonal pattern, which means they tend to occur at the same time each year (e.g., retail jobs usually increase in December). Seasonal adjustment is the process of removing seasonal effects from a data series. This is done to simplify the data so that they may be more easily interpreted and help to reveal true underlying trends. Seasonal adjustment permits comparisons of data from one month to data from any other month.

Labor force statistics, including the unemployment rate, for New York and every other state are based on statistical regression models specified by the U. S. Bureau of Labor Statistics. In New York State, payroll jobs data by industry come from a monthly survey of 18,000 business establishments. Jobs data by industry do not include agricultural workers, the self-employed, unpaid family workers or domestic workers in private households.

 

See State and Area Job Data (opens in new window)
See Labor Market Overview (opens in new window)
See Jobs and Unemployment Fact Sheet (opens in new window)

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