Economy Continued to Slow, Though Still Stronger than Nation
"Although New York State's labor market indicators appeared relatively steady in September -- the unemployment rate was unchanged over the month and the private sector job count experienced a very small decline -- the rate of year-over-year job growth in the state has slowed dramatically in recent months and the unemployment rate is up over the year in all regions of New York," said Peter A. Neenan, director of the Division of Research and Statistics.
Note: When comparing different months, seasonally adjusted data provide the most valid comparison, for example, August 2008 versus September 2008. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month, for example, September 2007 versus September 2008.
1.) Unemployment rates (seasonally adjusted)
The state's unemployment rate, after seasonal adjustment, remained at 5.8 percent in September 2008. In September 2007, the state's rate was 4.5 percent. The U.S. rate held steady at 6.1 percent in September 2008. In September 2007, the nation's rate was 4.7 percent. The rate for New York City was unchanged at 5.8 percent between August and September 2008. In September 2007, the city's rate was 5.0 percent. The rate for the balance of the state outside of New York City was 5.8 percent in September 2008, up from 5.7 percent in August. In September 2007, the balance of state's rate was 4.2 percent.
| Unemployment Rates (seasonally adjusted) | ||||
| September 2008 | August 2008 | September 2007 | ||
| New York State | 5.8 | 5.8 | 4.5 | |
| United States | 6.1 | 6.1 | 4.7 | |
| New York City | 5.8 | 5.8 | 5.0 | |
| NYS, excluding NYC | 5.8 | 5.7 | 4.2 | |
2.) Job data (seasonally adjusted):
New York State and the nation, August 2008 - September 2008 :
The number of private sector jobs in New York State decreased by 1,600, or less than 0.1 percent, to 7,254,300 in September 2008, on a seasonally adjusted basis. Nationally, the number of private sector jobs decreased by 0.1 percent over the same period. After seasonal adjustment, the number of nonfarm jobs in the state decreased over the month by 2,500, or less than 0.1 percent, to 8,773,200 in September 2008. Nationally, the number of seasonally adjusted nonfarm jobs decreased by 0.1 percent.
3.) Nonfarm jobs since September 2007 (not seasonally adjusted):| Total nonfarm jobs | +17,700 | ||
| Private sector jobs | +11,200 |
Since September 2007, the number of nonfarm jobs (private plus public) in New York State increased by 17,700, or 0.2 percent, and the number of private sector jobs increased by 11,200, or 0.2 percent. Nationally, the number of nonfarm jobs decreased by 0.4 percent and the number of private sector jobs decreased by 0.8 percent between September 2007 and September 2008.
Educational and health services added the largest number of private sector jobs (+25,000) over the September 2007-September 2008 period, with the increase focused in health care and social assistance (+25,500). The job count also increased over the year in: leisure and hospitality; government; professional and business services; other services; information; and natural resources and mining.
Looking over the year, manufacturing (-17,600) registered the largest drop among declining industries. Manufacturing job losses were centered in non-durable goods (-10,000) with the largest non-durable declines in apparel manufacturing (-2,900) and chemical manufacturing (-2,000). Financial activities (-10,400) had the second largest employment drop among declining industries. The largest losses in this sector were found in securities, commodity contracts, and other financial investments (-4,900), insurance carriers and related activities (-2,500), and credit intermediation and related activities (-2,200).
| Industries with Job Gains: | |||
| Educational & Health Services | +25,000 | ||
| Leisure & Hospitality | +9,100 | ||
| Government | +6,500 | ||
| Professional & Business Services | +4,600 | ||
| Other Services | +3,600 | ||
| Information | +2,100 | ||
| Natural Resources & Mining | +100 | ||
| Industries with Job Losses: | |||
| Manufacturing | -17,600 | ||
| Financial Activities | -10,400 | ||
| Trade, Transportation & Utilities | -3,300 | ||
| Construction | -2,000 | ||
| Total nonfarm jobs | +20,100 | ||
| Private sector jobs | -300 |
In September 2008, New York State had 8,770,000 total nonfarm jobs, including 7,285,100 private sector jobs. From August 2008 to September 2008, the number of nonfarm jobs increased by 20,100 and the number of private sector jobs decreased by 300. On average, in the previous ten years, the number of nonfarm jobs in New York increased by 26,600 from August to September, and the number of private sector jobs increased by 10,600.
The not seasonally adjusted job count increased over the month in educational and health services (+44,800), government (+20,400), and trade, transportation and utilities (+6,200). The job count decreased over the month in leisure and hospitality (-31,500), financial activities (-9,600), professional and business services (-4,200), construction (-2,400), information (-1,400), other services (-1,100), manufacturing (-1,000), and natural resources and mining (-100).
5.) New York State nonfarm job highlights since August 2008 (not seasonally adjusted):
Educational and health services
Most of the sector's over-the-month increase was at private colleges and universities, reflecting the employment expansion accompanying the beginning of the academic year.
Government
Government employment increased seasonally due to the start of the school year, with job gains at local elementary and secondary schools.
Trade, transportation and utilities
This month's increase reflected employment gains in transportation and warehousing, in particular private providers of school bus transportation.
Natural resources and mining
Employment in natural resources and mining decreased slightly in September.
Manufacturing
The over-the-month decline in sector employment was centered in non-durable goods.
Other services
This sector's over-the-month employment decrease was centered in religious, grantmaking, civic, professional and similar organizations, particularly civic and social organizations.
Information
Sector employment losses were centered in publishing industries (except Internet).
Construction
Construction sector employment decreased seasonally in September, especially in specialty trade contractors.
Professional and business services
Over-the-month job losses were concentrated in professional, scientific, and technical services.
Financial activities
Overall sector employment decreased over the month with losses centered in finance and insurance, particularly securities, commodity contracts, and other financial investments.
Leisure and hospitality
Sector employment decreased over the month due to seasonal losses in arts, entertainment, and recreation, specifically amusement, gambling, and recreation industries.
6.) Metropolitan Areas:
Job Growth and Unemployment Rates (not seasonally adjusted):
Albany-Schenectady-Troy: Since September 2007, the number of nonfarm jobs has increased by 400, or 0.1 percent, and the number of private sector jobs has increased by 300, or 0.1 percent. The area's unemployment rate was 5.2 percent in September 2008, compared with 5.0 in August and 3.8 in September 2007.
Binghamton: Since September 2007, the number of nonfarm jobs has decreased by 400 or 0.3 percent, and the number of private sector jobs has decreased by 500, or 0.6 percent. The area's unemployment rate was 5.7 percent in September 2008, compared with 5.5 in August and 4.1 in September 2007.
Buffalo-Niagara Falls: Since September 2007, the number of nonfarm jobs has increased by 2,100, or 0.4 percent, and the number of private sector jobs was unchanged. The area's unemployment rate was 6.1 percent in September 2008, compared with 6.0 in August and 4.5 in September 2007.
Glens Falls: Since September 2007, the number of nonfarm jobs has increased by 100, or 0.2 percent, and the number of private sector jobs was unchanged. The area's unemployment rate was 5.4 percent in September 2008, compared with 4.8 in August and 3.7 in September 2007.
Ithaca: Since September 2007, the number of nonfarm jobs has increased by 200, or 0.3 percent, and the number of private sector jobs has increased by 200, or 0.4 percent. The area's unemployment rate was 4.5 percent in September 2008, compared with 4.7 in August and 3.3 in September 2007.
Kingston: Since September 2007, the number of nonfarm jobs has decreased by 200, or 0.3 percent, and the number of private sector jobs has decreased by 300, or 0.6 percent. The area's unemployment rate was 5.8 percent in September 2008, compared with 5.7 in August and 4.3 in September 2007.
Nassau-Suffolk: Since September 2007, the number of nonfarm jobs has increased by 3,700, or 0.3 percent, and the number of private sector jobs has increased by 800, or 0.1 percent. The area's unemployment rate was 5.2 percent in September 2008, compared with 5.2 in August and 3.9 in September 2007.
New York City (five boroughs): Since September 2007, the number of nonfarm jobs has increased by 19,100, or 0.5 percent, and the number of private sector jobs has increased by 20,100, or 0.6 percent. The area's unemployment rate was 5.7 percent in September 2008, compared with 5.9 in August and 5.0 in September 2007.
Poughkeepsie-Newburgh-Middletown: Since September 2007, the number of nonfarm jobs has increased by 400, or 0.2 percent, and the number of private sector jobs has increased by 100, or less than 0.1 percent. The area's unemployment rate was 5.7 percent in September 2008, compared with 5.4 in August and 4.2 in September 2007.
Putnam-Rockland-Westchester: Since September 2007, the number of nonfarm jobs has increased by 4,500, or 0.8 percent, and the number of private sector jobs has increased by 3,100, or 0.6 percent. The area's unemployment rate was 5.3 percent in September 2008, compared with 5.1 in August and 3.8 in September 2007.
Rochester: Since September 2007, the number of nonfarm jobs has decreased by 5,300, or 1.0 percent, and the number of private sector jobs has decreased by 4,300, or 1.0 percent. The area's unemployment rate was 5.9 percent in September 2008, compared with 5.7 in August and 4.3 in September 2007.
Syracuse: Since September 2007, the number of nonfarm jobs has increased by 300, or 0.1 percent, and the number of private sector jobs has increased by 800, or 0.3 percent. The area's unemployment rate was 5.9 percent in September 2008, compared with 5.6 in August and 4.1 in September 2007.
Utica-Rome: Since September 2007, the number of nonfarm jobs has increased by 400, or 0.3 percent, and the number of private sector jobs has decreased by 400, or 0.4 percent. The area's unemployment rate was 5.6 percent in September 2008, compared with 5.2 in August and 4.0 in September 2007.
Note: 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. Jobs data for New York are obtained from a survey of 18,000 business establishments. Jobs data exclude agricultural workers, the self-employed, unpaid family workers and domestic workers in private households.
See State and Area Unemployment Rates