New York State’s Economy Adds 3,900 Private Sector Jobs in August, Unemployment Rate Drops to 6.4%

ALBANY, N.Y., Sept. 18 -- The New York State Department of Labor issued the following news release:

New York State's private sector job count grew by 3,900, or 0.1 percent, in August 2014, according to preliminary figures released today by the New York State Department of Labor. This latest monthly employment gain raised New York State's overall private sector job count to 7,605,000, an all-time high.

The statewide unemployment rate declined from 6.6% to 6.4% in August 2014, its lowest level since late 2008. In addition, New York City's unemployment rate dropped from 7.8% to 7.3%, marking the largest monthly drop in nearly 40 years - as far as records go back.

Since the beginning of Governor Andrew M. Cuomo's administration, the state's economy has added 502,400 private sector jobs and experienced employment growth in 39 of the past 44 months. August 2014 marked New York State's 21st consecutive month of private sector job growth, the state's longest streak on record for nearly a quarter of a century.

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'sBureau 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.

"With 3,900 new jobs added in August 2014, New York State has experienced 21 consecutive months of private sector job growth, the longest stretch on record for nearly a quarter of a century. In addition, our statewide jobless rate fell to 6.4%, its lowest level since November 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, August 2013 versus August 2014.

1) Jobs data (seasonally adjusted):

U.S. and New York State, July - August 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 July-August 2014.

Click here to view Table: http://www.labor.state.ny.us/pressreleases/2014/september-18-2014.shtm

Job highlights since August 2013:

* In the 10-county Downstate region, private sector jobs grew by 2.6% over the past year. The Downstate region's private sector job growth was most rapid in New York City (+3.1%) and Nassau-Suffolk (+2.1%). * In the 52-county Upstate region, the private sector job count grew by 0.7% over the past year. Private sector job growth occurred in both the region's metro areas (+0.8%) and in counties outside of metro areas (+0.1%).

Click here to view Table: http://www.labor.state.ny.us/pressreleases/2014/september-18-2014.shtm

* Private educational and health services added the most jobs (+63,300) of any major industry sector over the past year. Sector employment gains were centered in health care and social assistance (+36,000), especially ambulatory health care services (+22,200).

* Trade, transportation and utilities had the second largest increase in jobs (+32,400) between August 2013 and August 2014. Over the past year, sector job gains were mostly in retail trade (+18,000) and transportation, warehousing and utilities (+12,900).

* The third largest employment increase over the past year was registered in professional and business services (+28,600), with most sector gains in administrative and support services (+13,500), and professional, scientific and technical services (+11,600).

Highlights among NYS sectors with job losses since August 2013:

* Over the past 12 months, manufacturing lost more jobs (-10,200) than any other major industry sector. Manufacturing job losses between August 2013 and August 2014 were mostly in durable goods (-6,300), especially computers and electronic products (-2,800).

* Between August 2013 and August 2014, government job losses (-5,800) were greatest at the local level (-4,100), especially local elementary and secondary schools (-2,400).

5) Regular Unemployment Insurance (UI):

For New York State, during the week that included August 12, 2014, there were 153,180 people (including 142,048 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 23% of the total unemployed in the state in August 2014.

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