The New York City region, including Long Island and the Hudson Valley, accounted for 94 93 percent of the net new private-sector jobs created in New York State during the 12-month period ending in August, according to the latest monthly jobs report from the state Department of Labor (DOL). *See update note at bottom.
On a year-to-year basis, New York’s statewide job creation rate of 1.9 percent trailed the national private job creation rate of 2.1 percent. New York matched the (painfully low) 0.1 percent national private job growth rate on a seasonally adjusted monthly basis.
Of 142,000 142,900 private sector jobs gained statewide during the 12-month period, 134,000 132,900 were in the 12-county downstate Metropolitan Transportation District, including 105,400 in New York City. Upstate’s growth rate remained barely above flatline, with the Binghamton and Syracuse metro areas experiencing job losses of 0.1 and 1.3 percent, respectively, during the period. Upstate’s strongest large metro area during the year ending in August was Albany-Schenectady-Troy, where private jobs grew at a still below-average 1.5 percent rate. Buffalo-Niagara Falls had a notably unimpressive growth rate of 0.8 percent.
Education and health services, mainly non-profit and (on the health side) heavily government-subsidized, accounted for 63,000 of the statewide net new private jobs, or 44 percent of the total. New York lost 10,000 manufacturing jobs during the period, even while other states on average were gaining in the manufacturing sector.
Meanwhile. speaking of other states, the Dallas Fed reports that Texas is nearing “full employment.”
* The original version of this blog entry, posted Sept. 18, incorrectly counted the Kingston area in the “downstate” employment total and thus contained some very small computational errors which have been corrected where indicated in this version, effective Sept. 21.
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