Showing posts with label nonfarm jobs. Show all posts
Showing posts with label nonfarm jobs. Show all posts

Thursday, August 20, 2015

NYC | Leads NYS the State in July

New York State's private jobs grew in July to 7,831,700, a new record high, says the NYS Department of Labor today.

NYS unemployment rate fell to 5.4 percent from from 5.5 percent. The July rate is the lowest rate in  NYS since July 2008. 

New York City’s unemployment rate dropped to 5.6 percent from 6.1 percent, its lowest rate since August 2008.

The unemployment rate is estimated based on a monthly survey of 3,100 households in the state.

New York State kept pace with the United States in July. Both private-sector and total (including government) jobs grew at 0.2 percent compared with the month before.

                  Jobs, Nonfarm, June-July 2015, US and NYS
Change, Nonfarm Jobs:
(private sector + government)
Change,
Private Sector Jobs:



United States                    +215,000    
           +210,000
New York State                      +19,000
             +19,300

The number of unemployed in New York State decreased in July 2015 to 519,300 from 537,400 in June. The gap between New York State and New York City has greatly narrowed. New York State's unemployment rate fell 0.7 of a percentage point from a year earlier and New York City's fell 1.3 percentage points.

Unemployment Rates (%)*
*Data are preliminary and subject to change, based on standard procedures outlined by the U.S. Bureau of Labor Statistics.
July 2015*June 2015July 2014
United States5.3 5.36.2
New York State5.45.56.1
New York City5.76.17.0
NYS, outside NYC5.15.15.5

Compared with July 2014, the growth in jobs in New York State outpaced national growth. New York City led the state.

Change in Total Nonfarm and Private Sector Jobs, July 2014 – July 2015
Change in
Total Nonfarm Jobs:

(private sector + government)
Change in
Private Sector Jobs:
Net
%
Net
%
United States+2,953,000+2.1%+2,868,000+2.4%
New York State+189,700+2.1%+189,000+2.5%
    Albany-Schenectady-Troy+7,800+1.7%+7,200+2.0%
    Binghamton00.0%00.0%
    Buffalo-Niagara Falls+12,600+2.3%+12,800+2.7%
    Dutchess-Putnam+400+0.3%+700+0.6%
    Elmira+600+1.6%+700+2.2%
    Glens Falls+900+1.5%+900+1.8%
    Ithaca+1,100+1.7%+1,400+2.5%
    Kingston+600+1.0%+600+1.3%
    Nassau-Suffolk+19,200+1.5%+19,900+1.8%
    New York City+111,200+2.7%+107,800+3.0%
    Orange-Rockland-Westchester+8,400+1.2%+9,100+1.6%
    Rochester+9,300+1.8%+9,700+2.2%
    Syracuse+2,700+0.9%+2,800+1.1%
    Utica-Rome+900+0.7%+1,000+1.0%
    Watertown-Fort Drum-200-0.5%-400-1.2%
    Non-metro Counties-2000.0%-800-0.2%

Friday, September 5, 2014

JOBS | Disappointing in August

No breakout in job creation.
Nonfarm payroll jobs increased by 142K in August, a break in a six-month series of 200K+ job increases, the BLS has just reported.

The predictions were for a 220-230K increase.

Both the August unemployment rate of 6.1 percent and the number of unemployed persons, 9.6 million, were little changed from July.

Some commentators were hoping for a 6.0 percent unemployment rate, or even sub-6.0 percent.

However, to look at the bright or hopeful side:
  • The August unemployment rate was down by 1.1 percentage points from August 2013.
  • The number of unemployed persons was reduced by 1.7 million from August 2013.
  • As I said earlier this week, the post-Labor Day employment figures will reflect the back-to-work scene better, as well as the net effect of educational hiring.
  • The Fed meanwhile gets no encouragement to hike interest rates quickly.
  • Eyes will be on the next release on October 3.
Comment

October 3 - The September job numbers - more reliable than August because the dust settles in the educational arena - were revised upward for both July and August, narrowing the gap between the predictions and the BLS-reported numbers. The BLS report for September also showed the unemployment rate down to 5.9 percent, in line with some predictions for the August numbers. The BLS seems to be catching up to the forecasters.