New York State’s Jobless Rate Falls to 12.5%

Real Estate In-Depth | September 2020

ALBANY—The New York State Department of Labor announced on Sept. 17 that the state’s seasonally adjusted unemployment rate decreased from 15.9% to 12.5% in August 2020.

In August 2020, the number of unemployed New York State residents decreased by 339,000, while labor force levels decreased by 86,700.

In August 2020, the number of private sector jobs in New York State increased over the month by 96,300, or 1.4%, to 7,198,600, according to preliminary figures released by the New York State Department of Labor. That represents the fourth straight month of job gains for the Empire State.

Statewide, the construction industry sector has seen the loss of 41,700 jobs from August 2019 (423,700) to August 2020 (382,000) a decline of 9.8%.

For the 12-month period ending August 2020, the private sector job count in the Hudson Valley fell by 98,300, or 12.0%, to 720,700. Job losses were greatest in leisure and hospitality (-41,300), trade, transportation and utilities (-14,900), professional and business services (-13,000), other services (-9,500), educational and health services (-7,100), natural resources, mining and construction (-5,600), manufacturing (-4,400), and financial activities (-2,000).

The August 2020 over-the-year job losses continue to reflect the impact of the Covid-19 pandemic. At 720,700, the private sector job count has reached its lowest August level since 1999.

Within the Hudson Valley region, the Orange-Rockland-Westchester labor market area’s private employment sector declined the fastest year-over-year, down 12.7%. They were followed by Sullivan County (-12.4%), the Dutchess-Putnam MSA (-10.5%), and the Kingston MSA (-6.9%), according to Johny Nelson, Labor Market Analyst – Hudson Valley Region, for the New York State Department of Labor.

The number of private sector jobs in New York State is based on a payroll survey of 18,000 New York businesses conducted by the U.S. Department of Labor’s Bureau of Labor Statistics.