Private sector employment in New York City rose by 94,800, or 2.8 percent, to 3,429,700 for the 12-month period ending January 2014. Job growth occurred in education and health services (+32,300), trade, transportation, & utilities (+21,300), professional & business services (+13,000), leisure and hospitality (+10,400), information (+8,000), financial activities (+4,400), other services (+3,300), and manufacturing (+2,800). Government jobs declined by 3,500 over-the-year.
New York City’s private sector job count fell by 77,000 between January and December (not seasonally adjusted). While this is a large decline, the New York City’s private sector often sheds nearly 100,000 jobs in January. Layoffs in retail, leisure & hospitality, and transportation were all in line with a typical post-holiday period. By contrast, the blue-collar sectors – construction, manufacturing and wholesale – all saw smaller than usual cutbacks.
The NYC over-the-year picture was positive, with every sector except construction adding jobs for the 12-month period through January 2014. The information sector saw the fastest growth (+4.7 percent), while education and health care added the most jobs (+32,300). The city’s over-the-year private sector growth rate (+2.8 percent) was above the state’s (+1.7 percent) and the nation’s (+2.1 percent). Among the 14 metropolitan areas in the state, New York City had the second highest growth rate.
The city’s seasonally-adjusted unemployment rate was 7.8 percent in January 2014, down 0.2 percent from December 2013 and 1.1 percent from a year ago. New York State’s rate was 6.8 percent in January 2014. The share of the city's working-age population (16+) who were employed was 55.2 percent in January 2014, up 0.4 of a percentage point from the same time last year.
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