New York State Economy Added 39,800 Private Sector Jobs in February 2022
New York State Economy Added 39,800 Private Sector Jobs in February 2022
According to preliminary seasonally adjusted figures released by the New York State Department of Labor, the number of private sector jobs in New York State increased over the month by 39,800, or 0.5%, to 7,888,300 in February 2022. By comparison, the number of private sector jobs in the U.S. increased by 0.5% in February 2022.
New York State’s private sector jobs (not seasonally adjusted) increased by 458,000, or 6.3%, over the year in February 2022. By comparison, the number of private sector jobs in the U.S. increased by 5.4% over the year.
New York State’s seasonally adjusted unemployment rate decreased from 5.3% to 4.9% in February 2022.
The number of private sector jobs in New York State is based on a payroll survey of 18,000 New York businesses conducted by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). Monthly payroll employment estimates are preliminary and subject to revision as more complete data become available the following month. The BLS calculates New York State’s unemployment rate based partly upon the results of the monthly Current Population Survey (CPS) of approximately 3,100 households in the State.
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, February 2021 versus February 2022.
Statewide Industry Employment
· On a net basis, the total number of nonfarm jobs in the state increased by 30,600 over the month, while private sector jobs rose by 39,800, in February 2022.
· At the same time, the total number of nonfarm jobs in the nation increased by 678,000, while private sector jobs increased by 654,000.
Statewide Unemployment
· In February 2022, the statewide unemployment rate decreased from 5.3% to 4.9%
· New York City’s unemployment rate decreased over the month from 7.6% to 7.0%. Outside of New York City, the unemployment rate decreased from 3.6% to 3.4%, reaching its lowest level on record (current records date back to 1976).
· The number of unemployed New Yorkers decreased over the month by 36,500, from 498,700 in January to 462,200 in February 2022.
Substate and Industry Employment
The sum of sub-state area job estimates will usually differ from the New York State total. This is because the State total is calculated separately from the sub-state areas and is estimated based on an independent sample.
The responsibility for the production of monthly estimates of state and metro area nonfarm employment by industry moved from the NYS Department of Labor’s 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.
In New York State, payroll jobs data by industry come from a monthly survey of 18,000 business establishments conducted by the U.S. Bureau of Labor Statistics. Data are preliminary and subject to revision. Jobs data by industry do not include agricultural workers, the self-employed, unpaid family workers or domestic workers in private households.
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. The state’s unemployment rate is based partly upon the results of the Current Population Survey, which contacts approximately 3,100 households in New York each month.
