State Unemployment Rate Remains at 6.5-Year Low

In May 2015, New York State’s private sector job count grew by 47,400, or 0.6%, to 7,783,800, a record high, according to preliminary figures released today by the New York State Department of Labor. This was the state’s largest monthly private sector job gain since September 2000. Since the beginning of Governor Andrew M. Cuomo’s administration, the state’s economy has added 673,500 private sector jobs and experienced employment growth in 46 of the past 53 months. The statewide unemployment rate in New York was unchanged at 5.7% in May 2015, remaining at its lowest level since August 2008. New York City’s unemployment rate decreased over the month from 6.5% to 6.4%. 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 becomes available the following month. The federal government calculates New York’s unemployment rate partly based upon the results of the Current Population Survey, which contacts approximately 3,100 households in New York State each month. “New York State’s economy added 47,400 private sector jobs in May 2015. This represented the state’s largest monthly private sector job gain in 15 years. In addition, the state’s unemployment rate remained at its lowest level since mid-2008,” said Bohdan M. Wynnyk, Deputy Director of the 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, May 2014 versus May 2015. 1) Jobs data (seasonally adjusted): U.S. and New York State, April - May 2015 The table below compares the over-the-month change in total nonfarm and private sector jobs in the United States and New York State in April-May 2015. Change in Total Nonfarm and Private Sector Jobs, April 2015 – May 2015   Change in Total Nonfarm Jobs: (private sector + government) Change in Private Sector Jobs:   Net % Net % United States +280,000 +0.2% +262,000 +0.2% New York State +42,700 +0.5% +47,400 +0.6% 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, which contacts approximately 3,100 households in New York State each month. The statewide unemployment rate remained unchanged at 5.7% in May 2015. The number of unemployed New Yorkers decreased slightly in April-May 2015 – from 552,400 to 551,900. Unemployment Rates (%)* *Data are preliminary and subject to change, based on standard procedures outlined by the U.S. Bureau of Labor Statistics.   May 2015* April 2015 May 2014 United States 5.5 5.4 6.3 New York State 5.7 5.7 6.4 New York City 6.4 6.5 7.5 NYS, outside NYC 5.2 5.1 5.6 3) Jobs data (not seasonally adjusted): U.S., New York State and Metro Areas: May 2014 - May 2015 The table that follows compares the over-the-year change in total nonfarm and private sector jobs that occurred in the United States, New York State and metro areas within the state between May 2014 and May 2015. Change in Total Nonfarm and Private Sector Jobs, May 2014 – May 2015   Change in Total Nonfarm Jobs: (private sector + government) Change in Private Sector Jobs:   Net %   Net %   United States +3,123,000 +2.2% +3,022,000 +2.6% New York State +142,500 +1.6% +139,300 +1.8%       Albany-Schenectady-Troy +4,100 +0.9% +3,400 +1.0%     Binghamton -900 -0.8% -1,000 -1.2%     Buffalo-Niagara Falls +13,000 +2.3% +13,100 +2.8%     Dutchess-Putnam -1,100 -0.8% -700 -0.6%     Elmira +300 +0.8% +400 +1.2%     Glens Falls -100 -0.2% -200 -0.4%     Ithaca -1,000 -1.4% -700 -1.1%     Kingston +500 +0.8% +500 +1.1%     Nassau-Suffolk +14,100 +1.1% +13,600 +1.2%     New York City +97,900 +2.4% +94,600 +2.7%     Orange-Rockland-Westchester +4,600 +0.7% +5,000 +0.9%     Rochester +7,100 +1.3% +7,100 +1.6%     Syracuse +3,000 +0.9% +2,800 +1.1%     Utica-Rome +800 +0.6% +800 +0.8%     Watertown-Fort Drum -300 -0.7% -400 -1.3%     Non-metro Counties -900 -0.2% -1,000 -0.3% Job highlights since May 2014: Over the past year, private sector jobs grew most rapidly in these metro areas: Buffalo-Niagara Falls (+2.8%) New York City (+2.7%) Rochester (+1.6%) Elmira (+1.2%) Nassau-Suffolk (+1.2%) Five metmetro areas in New York State – Watertown-Fort Drum (-1.3%), Binghamton (-1.2%), Ithaca (-1.1%), Dutchess-Putnam (-0.6%) and Glens Falls (-0.4%) -- experienced private sector job declines between May 2014 and May 2015. 4) Jobs data (not seasonally adjusted): Change in jobs by major industry sector, May 2014 – May 2015 The table below compares the over-the-year change in jobs by major industry sector in New York State occurring between May 2014 and May 2015. Change in Jobs by Major Industry Sector, May 2014 – May 2015 *Educational and health services is in the private sector. Government includes public education and public health services. Sectors With Job Gains: Educational & Health Services* +45,800 Professional & Business Services +31,700 Trade, Transportation & Utilities +22,200 Construction +15,000 Other Services +11,500 Leisure & Hospitality +10,100 Financial Activities +3,300 Government* +3,200 Information +1,300   Sectors With Job Losses: Manufacturing -1,400 Natural Resources & Mining -200 Highlights among NYS sectors with job gains since May 2014: Private educational and health services added the most jobs (+45,800) of any major industry sector over the past year. Sector job gains were mostly in health care and social assistance (+39,600), especially ambulatory health care services (+25,100). Professional and business services had the second largest increase in jobs (+31,700) between May 2014 and May 2015. Over the past year, sector job gains were mostly in professional, scientific and technical services (+19,900), especially computer systems design and related services (+7,000). The third largest employment increase over the past year was registered in trade, transportation and utilities (+22,200), with sector gains centered in retail trade (+14,400), and transportation, warehousing and utilities (+4,700). Highlights among NYS sectors with job losses since May 2014: Over the past 12 months, manufacturing lost more jobs (-1,400) than any other major industry sector in the state. Sector losses were focused in nondurable goods (-1,700), especially chemical manufacturing (-1,100). Natural resources and mining also lost jobs (-200) over the past year. 5) Regular Unemployment Insurance (UI): For New York State, during the week that included May 12, 2015, there were 125,336 people (including 114,308 who live in the state) who received benefits under the regular Unemployment Insurance (UI) program. New York State residents who received Unemployment Insurance benefits made up 21% of the total unemployed in the state in May 2015. 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.