NYSDOL November 20, 2014
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Statewide Unemployment Rate Drops to 6.0% in October 2014, Reaching Lowest Level in Six Years |
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The statewide unemployment rate in New York declined from 6.2% to 6.0% in October 2014, reaching its lowest level since October 2008, according to preliminary figures released today by the New York State Department of Labor. New York City’s unemployment rate fell from 6.8% to 6.4%, marking the city’s largest three-month rate drop (1.4 percentage points) on record (current data go back to 1976). New York State’s private sector job count fell slightly by 4,700, or 0.1 percent, in October 2014. Since the beginning of Governor Andrew M. Cuomo’s administration, the state’s economy has added 504,100 private sector jobs and experienced employment growth in 40 of the past 46 months. This included 22 consecutive months of private sector job growth, the longest streak on record (current data go back to 1990). 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. “In October 2014, the unemployment rates in New York State and New York City both continued their recent downward trend, reaching six-year lows,” 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, October 2013 versus October 2014.
1) Jobs data (seasonally adjusted): U.S. and New York State, September - October 2014 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 September-October 2014.
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 fell from 6.2% to 6.0% in October 2014. The number of unemployed New Yorkers also decreased over the month -- from 586,400 in September 2014 to 572,700 in October 2014.
3) Jobs data (not seasonally adjusted): U.S., New York State, Major Regions, and Metro Areas: October 2013 - October 2014 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, the Upstate and Downstate regions, and metro areas in the state between October 2013 and October 2014.
Job highlights since October 2013:
4) Jobs data (not seasonally adjusted): Change in jobs by major industry sector, October 2013 – October 2014 The table below compares the over-the-year change in jobs by major industry sector in New York State occurring between October 2013 and October 2014.
Highlights among NYS sectors with job gains since October 2013:
Highlights among NYS sectors with job losses since October 2013:
5) Regular Unemployment Insurance (UI): For New York State, during the week that included October 12, 2014, there were 125,804 people (including 115,154 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 20% of the total unemployed in the state in October 2014. 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.
See State and Area Job Data (opens in new window) |
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