Private sector employment in New York City rose by 76,400, or 2.3 percent, to 3,456,700 for the 12-month period ending March 2014. Job growth occurred in education and health services (+28,000), trade, transportation, & utilities (+15,800), professional & business services (+15,500), leisure and hospitality (+8,000), other services (+3,600), information (+3,000), and manufacturing (+2,300). Financial activities and construction were both basically flat over-the-year. Government jobs declined by 2,800 over-the-year.
New York City’s private sector job count rose by 18,400 between February and March (not seasonally adjusted), which was a slightly smaller than usual gain. Weakness was most obvious in information, while education and health services retraced last month’s losses to gain 8,200 month-to-month relative to approximately 5,000 that would be more consistent with historical averages. As had been the case over the past several months, the computer systems design category within the professional and business services sector exhibited strong growth, increasing by 1.4% to reach a new record-high of 64,900 jobs.
The NYC over-the-year picture was positive, with every sector except construction adding jobs for the 12-months through March 2014. The education and health care added the most jobs (+28,000) and grew the fastest (+3.4 percent) while construction still suffered from the after-effects of the harsh winter weather. The city’s over-the-year private sector growth rate (+2.3 percent) was above the state’s (+1.5 percent) and the nation’s (+2.0 percent).
The city’s seasonally-adjusted unemployment rate was 8.0 percent in March 2014, up 0.1 percent from February but down 0.8 of a percentage point from last march. New York State’s rate was 6.9 percent in March 2014. The share of the city's working-age population (16+) who were employed was 55.4 percent in March 2014, up 0.6 of a percentage point from the same time last year. The number of New York City residents with jobs climbed 70,300 (1.9%) in the last 12 months..
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