Overall unemployment rate moved up to 4.7% with the biggest shift in Government, which lost 39,400 roles, based on the most recently available information published in August 2022.
Total employment in the New York-Newark-Jersey City, NY-NJ-PA market rose by 14,847 jobs in July and the unemployment rate increased compared to the prior month by 30 bps to 4.7%. The national unemployment rate decreased by 5 bps over the same time to 3.8%.
- New York-Newark-Jersey City, NY-NJ-PA unemployment rate is 92 bps above the national rate which is a negative sign.
- Unemployment in the market is 300 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in July versus prior month by 1.2% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.3%. Key sectors include:
- Education & Healthcare: 2,057,600; -9,400
- Transportation & Utilities: 1,653,100; -16,200
- Business Services: 1,642,900; +5,000
- Government: 1,273,000; -39,400
- Restaurants & Hotels: 932,000; +16,300
- Financial Services: 791,900; +4,600
- Other Jobs: 410,800; +2,300
- Construction, Mining: 397,800; +1,900
- Manufacturing: 343,300; -100
- IT & Development: 330,700; +900
Data is based on the most recent 12 months available, through July 2022 (Data published August 2022 and reports created on September 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.