Overall unemployment rate moved up to 4.4% with the biggest shift in Business Services, which lost 59,800 roles, based on the most recently available information published in March 2023.
Total employment in the New York-Newark-Jersey City, NY-NJ-PA market rose by 141,935 jobs in January and the unemployment rate increased compared to the prior month by 60 bps to 4.4%. The national unemployment rate increased by 60 bps over the same time to 3.9%.
- New York-Newark-Jersey City, NY-NJ-PA unemployment rate is 54 bps above the national rate which is a negative sign.
- Unemployment in the market is 110 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in January versus prior month by 1.5% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -2.5%. Key sectors include:
- Education & Healthcare: 2,169,500; -24,800
- Transportation & Utilities: 1,682,400; -56,600
- Business Services: 1,605,000; -59,800
- Government: 1,286,700; -20,600
- Restaurants & Hotels: 849,100; -38,600
- Financial Services: 804,800; -9,900
- Other Jobs: 397,600; -8,000
- Construction, Mining: 387,500; -19,400
- Manufacturing: 346,400; -3,500
- IT & Development: 317,000; -13,100
Data is based on the most recent 12 months available, through January 2023 (Data published March 2023 and reports created on March 17, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.