Overall unemployment rate moved down to 5.5% with the biggest shift in Transportation & Utilities, which gained 27,200 roles, based on the most recently available information published in February 2022.
Total employment in the New York-Newark-Jersey City, NY-NJ-PA market rose by 21,071 jobs in December and the unemployment rate decreased compared to the prior month by 40 bps to 5.5%. The national unemployment rate decreased by 20 bps over the same time to 3.7%.
- New York-Newark-Jersey City, NY-NJ-PA unemployment rate is 181 bps above the national rate which is a negative sign.
- Unemployment in the market is 310 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in December versus prior month by 3% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.4% . Key sectors include:
- Education & Healthcare: 2,023,900; -1,500
- Transportation & Utilities: 1,668,800; +27,200
- Business Services: 1,574,700; +11,300
- Government: 1,310,800; -5,600
- Financial Services: 752,200; +2,200
- Restaurants & Hotels: 723,400; +4,700
- Construction, Mining: 368,900; -6,100
- Other Jobs: 360,300; +400
- Manufacturing: 341,200; +2,300
- IT & Development: 304,800; -800
Data is based on the most recent 12 months available, through December 2021 (Data published February 2022 and reports created on February 4, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.