Private sector employment in New York City rose by 105,400, or 3.1 percent, to 3,515,200 for the 12-month period ending August 2014. Job growth occurred in education and health services (+43,700), trade, transportation and utilities (+21,100), leisure and hospitality (+15,600), professional and business services (+13,000), construction (+4,100), other services (+3,600), financial activities (+3,500) and manufacturing (+1,000). Employment in the information sector was relatively unchanged. Government employment declined by 3,000 over-the-year.
New York City’s private sector job count declined by 5,000 between July and August (not seasonally adjusted), which was a slightly smaller loss than suggested by historical averages. Manufacturing employment grew by 1,600 during August a period when employment is usually flat. Similarly retail trade (+1,400) displayed strength in advance of the traditional seasonal gains that normally start in September. The most noticeable area of weakness was the leisure and hospitality sector. While employment usually declines in this sector during July and August, this month’s losses (-4,200) were much larger than the 10-year average loss of 1,300.
The NYC over-the-year picture was positive, with every sector except information adding jobs for the 12 months through August 2014. Education and health care both added the most jobs (+43,700) and grew the fastest (+5.6 percent). The city’s over-the-year private sector growth rate (+3.1 percent) was above the state’s (+1.9 percent) and the nation’s (+2.1 percent).
The city’s seasonally-adjusted unemployment rate was 7.3 percent in August 2014, down 0.5 points from July and 1.5 percentage points from last August. New York State’s rate was 6.4 percent in August 2014. The share of the city's working-age population (16+) who were employed was 55.8 percent in August 2014, up a full percent from the same time last. The number of New York City residents with jobs climbed 97,100 (2.6%) in the last 12 months. The over-the-year decline in the unemployment rate occurred even as New York City’s labor force grew by more than one percent.
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