The number of private sector jobs in New York grew by 0.3% in August, rising faster than the nation.
According to preliminary seasonally adjusted figures released by the New York State Department of Labor, the number of private sector jobs in New York increased over the month by 27,600, or 0.3%, to 8,054,900 in August 2022. The number of private sector jobs in the U.S. increased by 0.2% in August 2022.
New York’s private sector jobs (not seasonally adjusted) increased by 411,800, or 5.4%, over the year in August 2022, which exceeded the 4.4% increase in the number of private sector jobs in the U.S.
New York’s seasonally adjusted unemployment rate increased from 4.3% in July to 4.7% in August 2022. From August 2021 to August 2022, the unemployment rate (not seasonally adjusted) fell from 6.7% to 4.9%.
From July to August 2022, New York’s labor force (seasonally adjusted) increased by 32,500. At the same time, the labor force participation rate went up from 60.3% in July 2022 to 60.5% in August 2022, its highest rate since March 2020.
The number of private sector jobs in New York is based on a payroll survey of New York businesses conducted by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS).
On a net basis, the total number of nonfarm jobs in the state increased by 25,600 over the month, while private sector jobs rose by 27,600, in August 2022.
At the same time, the total number of nonfarm jobs in the nation increased by 315,000, while private sector jobs increased by 308,000.
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