Overall unemployment rate moved down to 4.1% with the biggest shift in Education & Healthcare, which gained 18,400 roles, based on the most recently available information published in May 2023.
Total employment in the New York-Newark-Jersey City, NY-NJ-PA market rose by 64,716 jobs in March and the unemployment rate decreased compared to the prior month by 30 bps to 4.1%. The national unemployment rate decreased by 27 bps over the same time to 3.6%.
- New York-Newark-Jersey City, NY-NJ-PA unemployment rate is 48 bps above the national rate which is a negative sign.
- Unemployment in the market is 70 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in March versus prior month by 1.1% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.6% . Key sectors include:
- Education & Healthcare: 2,225,600; +18,400
- Transportation & Utilities: 1,656,200; +600
- Business Services: 1,621,600; +9,900
- Government: 1,300,400; +2,100
- Restaurants & Hotels: 873,200; +17,900
- Financial Services: 805,500; +1,000
- Other Jobs: 401,500; +400
- Construction, Mining: 398,100; +6,100
- Manufacturing: 348,900; +2,100
- IT & Development: 323,600; +2,100
Data is based on the most recent 12 months available, through March 2023 (Data published May 2023 and reports created on May 9,2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.