Public Policy Institute of New York resumes tracking New York job creation and unemployment
Albany, N.Y. — Monday, December 29 — Job growth statewide in New York increased and unemployment declined in November according an analysis released today by The Public Policy Institute (PPI), the research arm of The Business Council of New York State, Inc. The data also shows that while the state’s overall employment level has recovered further from the 2009 recession than has the U.S., upstate New York has just barely regained its pre-recession job numbers.
The analysis marks the resumption of PPI’s “Monthly Economic Update,” and “Upstate New York Economic Snapshot” which illustrate job creation and unemployment data for New York State as a whole, and for individual regions and economic sectors within New York. This monthly update is based on federal and state jobs data, and provides business leaders and state policy makers with data on job growth over the past year, job recovery since the 2009 recession, and longer term job trends. It also illustrates how New York as a whole and individual regions of the state compare to national trends.
“Our goal is to illustrate both our progress and our challenges,” said Heather C. Briccetti, Esq., president and CEO of The Business Council. “Additional economic performance and economic climate reports from PPI will be added in the coming months to illustrate how New York stacks up to other states on a wide range of economic climate factors.”
The November 2014 data illustrates continued job growth and reduced unemployment statewide in New York, with some areas of strong growth as well as areas that continue to lag economically. The unemployment rate for 52 upstate counties, at 5.6 percent, was just slightly above the national rate, and slightly below the statewide rate, with New York City’s 6.6 percent unemployment driving up the statewide figure. All regions of New York showed a drop in their unemployment rates over the past 12 months. The lowest jobless rates are on Long Island (4.6 percent), the capital region (4.7 percent), New York City’s northern suburbs (4.7 percent), and the Ithaca area (3.8 percent). In addition to New York City, areas including Chautauqua and Montgomery Counties remain above the state average.
Over the past twelve months, private sector jobs in New York State grew by 97,700, or 1.3 percent, a growth rate that lagged the national rate of 2.3 percent. The most net new jobs were created in the business/professional services sector and in education and health care – a sector that shows strong job growth across the U.S.