Overall unemployment rate moved up to 4.8% with the biggest shift in Government, which lost 15,100 roles, based on the most recently available information published in September 2022.
Total employment in the New York-Newark-Jersey City, NY-NJ-PA market rose by 226 jobs in August and the unemployment rate increased compared to the prior month by 10 bps to 4.8%. The national unemployment rate stayed flat over the same time period at 3.8%.
- New York-Newark-Jersey City, NY-NJ-PA unemployment rate is 101 bps above the national rate which is a negative sign.
- Unemployment in the market is 240 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in August versus prior month by 0.7% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.2%. Key sectors include:
- Education & Healthcare: 2,054,100; -6,300
- Transportation & Utilities: 1,654,500; +900
- Business Services: 1,640,500; +2,100
- Government: 1,256,500; -15,100
- Restaurants & Hotels: 930,300; -2,000
- Financial Services: 791,700; -2,000
- Other Jobs: 406,800; -4,100
- Construction, Mining: 402,200; +3,100
- Manufacturing: 343,900; +500
- IT & Development: 331,200; +2,000
Data is based on the most recent 12 months available, through August 2022 (Data published September 2022 and reports created on September 28, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.