Overall unemployment rate moved down to 3.7% with the biggest shift in Restaurants & Hotels, which lost 44,600 roles, based on the most recently available information published in November 2022.
Total employment in the New York-Newark-Jersey City, NY-NJ-PA market rose by 26,464 jobs in September and the unemployment rate decreased compared to the prior month by 120 bps to 3.7%. The national unemployment rate decreased by 47 bps over the same time to 3.3%.
- New York-Newark-Jersey City, NY-NJ-PA unemployment rate is 38 bps above the national rate which is a negative sign.
- Unemployment in the market is 250 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in September versus prior month by 2.3% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.1% . Key sectors include:
- Education & Healthcare: 2,075,500; +24,000
- Transportation & Utilities: 1,662,200; +10,500
- Business Services: 1,629,900; -9,300
- Government: 1,298,900; +41,000
- Restaurants & Hotels: 884,900; -44,600
- Financial Services: 781,100; -10,200
- Other Jobs: 402,200; -4,400
- Construction, Mining: 400,100; -700
- Manufacturing: 342,000; -1,700
- IT & Development: 330,600; +1,300
Data is based on the most recent 12 months available, through September 2022 (Data published November 2022 and reports created on November 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.