NYS Economy Regains All Private Sector Jobs Lost During Recession
2012-04-20 - State private sector job count at all-time high of 7.3 million - almost 18% of all new jobs created in the United States in March were created in New York State
New Yorkers working over the year increased by 2.2%, with 155 thousand
private sector jobs added
New York State’s economy added 21,500 private sector jobs, or 0.3%, in March 2012, the State Labor Department reported today. Since the beginning of the state’s economic recovery in November 2009, New York has added 332,900 private sector jobs and regained all of the private sector jobs it lost during the recession. Moreover, the state’s private sector job count -- 7,317,400 -- stands at an all-time high.
Year over year, from March 2011 to March 2012, New York State has added 155,000 private sector jobs.
“New York State’s private sector job count hit an all-time high of more than 7.3 million in March 2012. What we have recouped now surpasses the total private sector jobs lost during the state’s recession in 2008-2009,” said Bohdan M. Wynnyk, Deputy Director of the Division of Research and Statistics.
1) Unemployment rates (seasonally adjusted):
The state’s unemployment rate for March 2012 held steady at 8.5%. The number of unemployed New Yorkers increased over the month -- from 804,700 in February to 811,500 in March 2012. In March 2012, the state’s labor force grew by 8,200, as more job seekers entered the workforce.
2) Jobs data (seasonally adjusted):
U.S. and New York State, February 2012 - March 2012
The table below compares the over-the-month change in total nonfarm and private sector jobs in the United States and New York State between February 2012 and March 2012.
3) Jobs data (not seasonally adjusted):
U.S., New York State, Major Regions, and Metro Areas: March 2011 - March 2012
The table below compares the over-the-year change in total nonfarm and private sector jobs in the United States, New York State, the Upstate and Downstate regions, and metro areas in the state between March 2011 and March 2012.
4) Jobs data (not seasonally adjusted):
Change in jobs by major industry sector, March 2011 - March 2012
The table below compares the over-the-year change in jobs by major industry sector in New York State between March 2011 and March 2012.
Highlights among NYS sectors with job gains since March 2011:
• Professional and business services added the most jobs (+58,200) of any sector between March 2011 and March 2012. Sector job gains over this period were focused in professional, scientific and technical services (+34,600), especially accounting, tax preparation and payroll services (+10,000), and management, scientific and technical consulting (+8,000).
• Private educational and health services (+40,500) had the second largest jobs increase over the past year. Sector employment gains occurred in both educational services (+22,000), and health care and social assistance (+18,500).
• Leisure and hospitality added 25,400 jobs over the past year. Sector gains were centered in accommodation and food services (+26,800).
Highlights among NYS sectors with job losses since March 2011:
• Over the past year, construction lost more jobs (-6,100) than any other sector in the state. Most employment losses in the construction sector were due to cutbacks at specialty trade contractors (-3,200).
• The information sector lost 3,400 jobs over the past year. Employment losses in this sector were concentrated in publishing (-1,100).
5) Regular Unemployment Insurance (UI), Emergency Unemployment Compensation (EUC08) and Extended Benefits (EB) programs:
For New York, during the week that included March 12, 2012, there were 476,807 people (including 437,461 who live in the state) who received benefits under:
• Regular Unemployment Insurance (UI),
• Federal Emergency Unemployment Compensation (EUC), or
• Federal Extended Benefits (EB) programs.
New Yorkers who received unemployment insurance made up 54% of the total unemployed in the state in March 2012.
Currently, Unemployment Insurance claimants in New York State may receive up to 93 weeks of benefits. In February 2012, Congress passed an extension of EUC and EB through December 2012. However, we expect New York State will no longer be eligible for EB as of late spring. At that time, the maximum number of weeks of benefits will be 73 until September 2012, when new EUC provisions take effect. See the table that follows for the maximum number of weeks available under the new federal regulations.