New York State Economy Added 28,000 Private Sector Jobs in August; Unemployment Rate Stands at 7.4%
Real Estate In-Depth | September 17, 2021
ALBANY—According to preliminary figures released today by the New York State Department of Labor, the number of private sector jobs in New York State increased over the month by 28,000, or 0.4%, to 7,519,400 in August 2021. By comparison, the number of private sector jobs in the U.S. increased by 0.2% in August 2021.
New York State’s private sector jobs (not seasonally adjusted) increased by 384,300, or 5.4% over the year in August 2021. By comparison, the number of private sector jobs in the U.S. increased by 5.2% over the year. New York State’s seasonally adjusted unemployment rate decreased from 7.6% to 7.4% in August 2021.
On a net basis, the total number of nonfarm jobs in the state increased by 23,500 over the month, while private sector jobs rose by 28,000, in August 2021. At the same time, the total number of nonfarm jobs in the nation increased by 235,000, while private sector jobs increased by 243,000.
Private sector jobs in the Hudson Valley increased by 41,300 or 5.7%, to 759,800 in the 12 months ending August 2021. Gains were greatest in leisure and hospitality (+21,100), trade, transportation and utilities (+7,200), professional and business services (+6,900), educational and health services (+6,500), other services (+1,400), manufacturing (+1,200) and information (+600). Losses were centered in financial activities (-2,400) and natural resources, mining and construction (-1,200).
Private sector job growth continued to be broad-based, with seven of nine sectors adding jobs for the 12-months through August 2021. Four sectors posted year-over-year job gains of at least 4.5%. Leisure and hospitality remained the region’s fastest growing sector, up 29.9% over the period.
Within the region, Sullivan County’s private employment sector grew the fastest year-over-year, up 11.2%. The second fastest growth was recorded in the Orange-Rockland-Westchester labor market area (+6.3%), followed by the Kingston MSA (+5.7%), and the Dutchess-Putnam MSA (+2.0%).