New York State Unemployment Rate Reaches Its Lowest Point in Over Five Years

FOR IMMEDIATE RELEASE
MaryEllen Odell
Putnam County Executive
(845) 808-1001
June 2, 2014

New York State Unemployment Rate Reaches Its Lowest Point in Over Five Years

The State Department of Labor announced that, as of May 15, New York’s unemployment rate has dropped to its lowest level since December 2008. From March 2014 to April 2014, the statewide rate fell from 6.9% to 6.7%, which represents a 0.2% decline.

The resulting numbers for the state’s unemployment rate are calculated by the U.S. Bureau of Labor Statistics, using a statistical regression model and the results from a 3,100 household telephone survey in New York State.

Additionally, in April 2014, the state’s private sector job count grew by 2,500. This count is based on a payroll survey of 18,000 New York employers and was conducted by the U.S. Department of Labor’s Bureau of Labor Statistics. Most importantly, the resulting numbers, from the growth in the state’s private sector, represent New York’s 17th consecutive monthly gain in private sector jobs. Consequently, the state’s overall private sector job count has been raised to 7,543,000, which makes for an all-time high and the longest streak in private sector job growth since 1990.

In the 10-county Downstate Region, which includes Putnam, Rockland, and Westchester County, the unemployment rate has caused a change in the total non-farm jobs (which accounts for both the private sector and the government). Overall, a net of -1,500 and a percentage of -0.3% have resulted. As for the change in private sector jobs, a net of +100 and percentage of 0.0% was recorded.

When it comes to what Putnam County is doing, in relation to unemployment and job retention, Putnam County Executive MaryEllen Odell has a plan for future growth and opportunities. “Our administration will continue to work with the Putnam County Chamber of Commerce, Bill Nulk, and Jennifer Maher – in a partnership with Meghan Taylor, President of the Economic Development Corporation – to continue to promote Putnam County as a great opportunity to bring in entrepreneurs and capital investors, to encourage job growth,” said Odell.

The change in non-farm and private sector jobs has caused certain sectors to experience job gains, while others have experienced losses. Sectors with notable gains, in order from greatest to least, include: Educational and Health Services; Trade, Transportation, and Utilities; Professional and Business Services; Leisure and Hospitality; and Construction. Educational and Health Services received the greatest gain, with an increase of 32,200.

On the other hand, sectors which experienced job losses include: Manufacturing (loss of 5,900); Government (loss of 4,000); Financial Activities (loss of 1,100); and Natural

Resources and Mining (loss of 100). Between April 2013 and April 2014, government sector job losses were greatest at the federal (-1,700) and state (-1,600) levels.