Unemployment rate in city drops to 8.3%
Labor statistics released Thursday said the city unemployment rate ticked down to 8.3% during May, marking a four-year low.
The New York State Department of Labor said that over the past year, the city added 66,100 private sector jobs, an increase of 2%. During May, 12,800 nonfarm jobs were added to the city’s economy, a .3% increase. In May 2012, the city’s unemployment rate was 9.5%.
The state, meanwhile, added 104,200 private sector jobs over the year, including 5,000 during May, bringing down the unemployment rate to 7.6% for the month, from 7.8%.
“The New York state economy continued to show strength in May 2013 as the state’s unemployment rate dropped to its lowest level since early 2009,” said Bohdan Wynnyk, deputy director of the Division of Research and Statistics, in a statement.
Professional and business services was the industry that added the most jobs over the past year, with more than 40,400. Leisure and hospitality industries added 26,300 jobs, mainly concentrated in food and hotel services, according to the state labor department.
Construction had a smaller 7,000 job increase over the past year. Meanwhile, sectors in the state that shed jobs include government, manufacturing and financial activities. The state unemployment rate is based on the federal government’s monthly telephone survey of 3,100 households, while the job count is based on a payroll survey of 18,000 employers.
Nationally, the unemployment rate went down to 7.6% during May, with a .2% increase in private sector jobs in the past 12 months.