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New York’s economy grows by 10,400 jobs; jobless rate drops to 7.1%

ALBANY - New York State’s unemployment rate decreased from 7.4% to 7.1% in December 2013, its lowest level since January 2009, according to preliminary figures released today by the New York State Department of Labor. Since only October, the state’s jobless rate has dropped by 0.6 percentage points. New York State, which makes up about 6.5% of the nation’s jobs, accounted for 12% of private sector job growth nationally.

During December, the state’s economy added 10,400 private sector jobs. This raised New York State’s private sector job count to 7,503,700, an all-time high. Since the beginning of Governor Andrew M. Cuomo’s administration, the New York State economy has added 390,600 private sector jobs and experienced employment growth in 31 of the past 36 months.

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 information becomes available the following month.

The federal government calculates New York’s unemployment rate partly based upon the results of a monthly telephone survey of 3,100 households in the state.

"The Empire State’s economy continued to provide us with good news in December 2013. First, the state’s unemployment rate improved in December, falling to 7.1%, its lowest level since January 2009. In addition, our state’s private sector job count climbed by 10,400 to 7,503,700, reaching another all-time high," said Bohdan M. Wynnyk, Deputy Director of the Division of Research and Statistics.

Change in Total Nonfarm and Private Sector Jobs,
November 2013 - December 2013

 

Change in
Total Nonfarm Jobs:

(private sector + government)

Change in
Private Sector Jobs:

Net

%

Net

%

United States

+74,000

+0.1%

+87,000

+0.1%

New York State

+9,800

+0.1%

+10,400

+0.1%

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 a telephone survey of 3,100 households in New York State. The statewide rate fell from 7.4% in November 2013 to 7.1% in December 2013, reaching its lowest level since January 2009.

The number of unemployed New Yorkers also decreased over the month -- from 715,700 in November 2013 to 681,100 in December 2013, its lowest level since December 2008.

Unemployment Rates (%)*

*Data are preliminary and subject to change, based on standard procedures outlined by the U.S. Bureau of Labor Statistics.

 

December 2013*

November 2013

December 2012

United States

6.7

7.0

7.9

New York State

7.1

7.4

8.2

New York City

8.1

8.5

8.8

NYS, outside NYC

6.3

6.6

7.8