NYS Private Sector Employment Up 3,200 Jobs in February 2024

 

Unemployment Rate Down 0.1 Percentage Point Over the Month

 According to preliminary seasonally adjusted figures released today by the New York State Department of Labor, the number of private sector jobs in New York State increased over the month by 3,200, or less than 0.1%, to 8,332,000 in February 2024. The number of private sector jobs in the U.S. increased by 0.2% in February 2024.

     New York State's private sector jobs (not seasonally adjusted) increased by 91,200, or 1.1%, over the year in February 2024, which was less than the 1.6% increase in the number of private sector jobs in the U.S.

     New York State's seasonally adjusted unemployment rate decreased from 4.5% in January to 4.4% in February 2024. At the same time, New York State's labor force (seasonally adjusted) decreased by 3,400. As a result, the statewide labor force participation rate held steady at 61.4% in February 2024.

     The number of private sector jobs in New York State is based on a payroll survey of 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 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 2023 versus February 2024.

Statewide Industry Employment

February 2024 – Seasonally Adjusted

• On a net basis, the total number of nonfarm jobs in the state increased by 100 over the month, while private sector jobs increased by 3,200 in February 2024.
• At the same time, the total number of nonfarm jobs in the nation increased by 275,000, while private sector jobs increased by 223,000.

NYS Trailed Nation in Job Growth

Over-the-Month % Change in Total Nonfarm & Private Sector Jobs, January 2024 – February 2024

Total Nonfarm and Private Sector Jobs Increased in February 2024

Total Nonfarm and Private Sector Jobs (in 1000s), January 1990 – February 2024

Statewide Unemployment

February 2024 – Seasonally Adjusted

• The statewide unemployment rate decreased from 4.5% in January to 4.4% in February 2024.
• New York City’s unemployment rate decreased from 5.2% to 5.1%. Outside of New York City, the unemployment rate decreased from 4.0% to 3.9% in February 2024.
• The number of unemployed New Yorkers decreased over the month by 8,700, from 439,000 in January to 430,300 in February 2024.

NYS Unemployment Rate Decreased Over the Month

Labor Force Statistics, February 2023, January 2024 – February 2024

Labor Force and Number of Unemployed Decreased in February

Total Labor Force & Number of Unemployed, January 2009 – February 2024

Unemployment Rate Decreased in NYS, Increased in US Unemployment Rate, NYS & US, January 2009 – February 2024 Unemployment Rate Decreased in NYC, Decreased in Balance of State Unemployment Rate, NYC & BOS, January 2009 – February 2024 Substate and Industry Employment  February 2024 – Not Seasonally Adjusted New York State Gains Private Sector Jobs Over the Year Over-the-Year Change in Total Nonfarm & Private Sector Jobs, February 2023 – February 2024 Note: 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. Leisure & Hospitality Jobs Increased by 4.5% Over the Year Over-the-Year Change in Jobs by Major Industry Sector, February 2023 – February 2024 *Government includes public education and public health services. Note: 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 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.  Jobs and Unemployment Fact Sheet This fact sheet conveys important technical information that will contribute to a better understanding of labor force data (“household survey”), including resident employment/unemployment rates, and jobs by industry data (“business survey”), which are presented in the New York State Department of Labor’s monthly press release. State Unemployment Rates Based on Regression Model Beginning with data for January 1996, unemployment rates for New York State and all other states (as well as New York City and the City of Los Angeles) have been estimated using time-series regression statistical models developed by the U.S. Bureau of Labor Statistics (BLS). Advantage of Regression Model Use of a time-series regression model reduces the month-to-month variation in unemployment rates and resident employment by reducing variation caused by sampling errors and other components of statistical noise (irregularities). Benchmarking of Estimates Once each year, labor force estimates, such as civilian labor force and the unemployment rate, are revised to reflect updated input data including new Census Bureau populations controls, newly revised establishment jobs data and new state-level annual average data from the Current Population Survey (CPS). As part of this procedure, all state figures are reviewed, revised as necessary and then re-estimated. This process is commonly referred to as “benchmarking.” Changes in Methodology Labor force estimates are now produced with an improved time-series regression model, which utilizes “real-time” benchmarking. “Real-time” benchmarking reduces end-of-year revisions, which also means that major economic events will be reflected in a more timely manner in state labor force estimates. In addition, the new methodology includes an updated way of estimating for sub-state areas (e.g. counties, metro areas) the number of unemployed who are new entrants or re-entrants into the labor force. This change in methodology will result in lower unemployment rates in some areas and increased rates in others. Unemployed and UI Beneficiaries The estimate of the number of unemployed includes all persons who had no employment during the reference week (the week including the 12th of the month), were available for work, except for temporary illness, and had made specific efforts to find employment sometime during the 4-week period ending with the reference week. Unemployment insurance (UI) beneficiaries include those who apply for and qualify for UI benefits. Consequently, the estimate of the number of unemployed and the number of UI beneficiaries do not necessarily move in tandem. Jobs Data Jobs data are obtained from a separate joint federal-state survey of business establishments. The survey, called the Current Employment Statistics of Establishments, has a sample size of 18,000 establishments in New York State. It excludes self-employed workers, agricultural workers, unpaid family workers and domestic workers employed by private households. This data represents a count of jobs by place of work. Data for each month is revised the following month as more complete information becomes available. The New York State Department of Labor is an Equal Opportunity Employer/Program.