Photo: Jerry Trudell
Seventh straight month of continued job growth
The New York City Economic Development Corporation (NYCEDC) announced that 20,700 private sector jobs were added in New York City in August. The data published in NYCEDC’s Monthly Economic Snapshot is based on an analysis by the New York State Department of Labor (NYSDOL) of August 2022 employment numbers, seasonally adjusted by the Office of Management and Budget (OMB).
Since Mayor Adams took office in January 2022, New York City has added 156,900 private sector jobs, and the city’s unemployment rate currently stands at 6.6 percent as of August. For comparison, the labor force participation rate has risen 50 basis points to its highest level in more than a decade. This suggests that more New Yorkers are re-entering the workforce, which is another signal that the economy in New York City is continuing to recover. This increase in the labor force participation rate contributes to the increase in the unemployment rate.
“It’s encouraging to see this streak of monthly private sector employment gains continue for the seventh straight month, and particularly to see more New Yorkers choosing to re-enter the workforce. As we continue to pursue an inclusive economic recovery, we are flat out focused on maintaining this positive momentum and are redoubling our efforts to connect underemployed and unemployed New Yorkers with family-supporting careers, work led by the newly expanded Office of Talent and Workforce Development ,” said Deputy Mayor for Economic and Human Resources Development Maria Torres-Springer.
“The continued positive job growth shows that New Yorkers are steadily re-entering the workforce,” he said NYCEDC President and CEO Andrew Kimball. “Under Mayor Adams’ leadership, New York City’s economy is proving resilient, and we are working to ensure innovation and equity in economic recovery.”
August job growth brings the private sector total to 3,978,800, about 129,600 fewer than the pre-pandemic total of 4,108,400 jobs.
Since last August, New York City has added 294,300 private sector jobs. Annual (August-to-August) private sector employment growth was 8.0 percent, faster than New York State (5.4 percent) and the United States (4.4 percent).
Health and social care added 4,700 jobs in August, while accommodation and nutrition added 4,400 jobs. Health care and social assistance have now surpassed pre-pandemic job totals, while housing and food services have now regained 79.2 percent of the jobs lost during the pandemic.
The third-biggest gains in August were administrative and support and waste management and sanitation services, with 4,300 new jobs. The sector has now surpassed its pre-pandemic total number of jobs.
NYSDOL publishes employment data for New York City and the state that it collects under a joint program with the Bureau of Labor Statistics. This information may be adjusted as more data becomes available.
The New York City Economic Development Corporation is a mission-driven, nonprofit organization that creates shared prosperity across New York City by strengthening neighborhoods and creating good jobs. We work with and for communities to bring emerging industries to New York City; develop spaces and facilities for companies; Empowering New Yorkers through training and capacity building; and invest in sustainable and innovative projects that make the city a great place to live and work. To find out more about what we do, visit us on Facebook, TwitterLinkedIn and Instagram.