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New York’s economy grows by 21,300 jobs and marks 18 straight months of private sector job growth

 April 2014 – May 2014

Change in
Total Nonfarm Jobs:

(private sector + government)

Change in
Private Sector Jobs:

Net

%

Net

%

United States

+217,000

+0.2%

+216,000

+0.2%

New York State

+23,400

+0.3%

+21,300

+0.3%

 

ALBANY - New York State’s private sector job count grew by 21,300, or 0.3 percent, in May 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 private sector job count to 7,568,600, a new all-time high. The state’s unemployment rate held steady at 6.7% in May 2014, remaining at its lowest level since December 2008.

Since the beginning of Governor Andrew M. Cuomo’s administration, the New York State economy has added 466,000 private sector jobs and experienced employment growth in 36 of the past 41 months. May also marked New York State’s 18th consecutive month with private sector job growth, the state’s longest streak on record, since at least 1990. New York State remains one of only 17 states that have regained all of the private sector jobs lost during the recession, according to the latest available statistics.

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 the Current Population Survey, which contacts approximately 3,100 households in New York State each month.

“New York State’s economy continued to grow in May as it added 21,300 private sector jobs, reaching a new all-time high and outpacing job growth nationwide. This marked the 18th consecutive month of private sector employment gains. Our state’s jobless rate remained at 6.7%, its lowest level since late 2008,” said Bohdan M. Wynnyk, Deputy Director of the Division of Research and Statistics.