THIRD-QUARTER JOBS WERE DOWN BY 1,200

New York City Comptroller William C. Thompson, Jr. announced today that seasonally adjusted private jobs in the City rose by 700, based on preliminary September data. On a seasonally adjusted basis, jobs with City government agencies fell by 7,600 in September, but this was partly offset by a rise of 1,600 Federal and State jobs, for a net loss of 6,000 government jobs.

"Based on a seasonally adjusted household survey, 5,800 additional New Yorkers were working in September. While I am pleased that more New Yorkers are working, in September, the City lost 2.4 percent of its jobs on a year-over-year basis. The nation only lost 0.7 percent," Thompson said, pointing out that, "the gap in job-loss rates between the City and nation is widening."

From the jobs peak of 3,753,800 in December 2000, the City has lost 137,300 seasonally adjusted jobs, of which a net of 89,700 - or 65 percent - have been lost since September 2001. For the nine months of 2002, a net of 7,200 jobs has been lost.

New York City Payroll Jobs (People Working in the City)

Private-sector jobs located in New York City, seasonally adjusted, grew by 700 from August to September, based on preliminary data. Previously reported preliminary data for August showed a seasonally adjusted increase of 100 jobs over July, but this number was revised downward to show an actual loss of 3,000 jobs in August, for a cumulative loss of 2,300 jobs for August and September.

Based on preliminary numbers, total jobs located in New York City fell by 5,300 in September, on a seasonally adjusted basis, primarily because of a 7,600-job loss in the City Government and independent local government agencies such as the MTA. Jobs rose by 1,200 in Federal agencies and by 400 in State agencies. These numbers are based on unadjusted preliminary data for September released by the New York State Department of Labor that are seasonally adjusted by the Comptroller's Office. The Department of Labor also released revised numbers for July 2002.

Civilian Employment (Residents with Jobs, Based on Household Survey)

The New York City unemployment rate, seasonally adjusted by the New York State Department of Labor and the U.S. Bureau of Labor Statistics, fell to 7.1 percent in September from 7.6 percent in August and 8 percent in May and June. The May and June unemployment rates were the two highest monthly rates since May 1998.

Civilian employment (the number of City residents with jobs), also seasonally adjusted by the New York State Department of Labor and the U.S. Bureau of Labor Statistics, rose by 5,800 in September. The month-to-month rise in September employment was accompanied by a decline of 17,700 in the number of unemployed people (i.e., that many fewer New Yorkers looking for work). The labor force therefore fell by 11,900.

Monthly Year-over-Year Changes

Year-over-year comparisons of monthly job losses since September 2001 show that the decline in New York City jobs is more than three times as great, percentage-wise, than it is in the nation, as shown in Chart A. The number of jobs located in New York City in September was down 2.4 percent from September 2001. Nationally, jobs in September declined by only 0.7 percent on a year-over-year basis.

Chart A. Monthly Payroll-Jobs Growth, NYC and the U.S., Year-over-Year, Percent Change, January 2000-September 2002

Data Source: NYS and U.S. Departments of Labor. September 2002 data are preliminary; August 2002 data are revised.

Industry-by-Industry Job Numbers

As discussed earlier, the City's overall loss of 5,300 jobs in September is the net of a 6,000-job loss in government jobs and 700 private-sector jobs gained. This increase in the private sector reflects a net of gains and losses in the private industry sectors. Jobs fell in three of the six main private-industry sectors. Specifically, jobs fell by 500 in construction, by 800 in manufacturing and by 2,300 in transportation and public utilities. Jobs rose by 3,200 in services and by 1,000 in the important finance, insurance and real estate (FIRE) sector. Jobs were unchanged in the trade sector. This is shown in Chart B.

Chart B. September Payroll Jobs, Preliminary Data, Change from August, Seasonally Adjusted
Source: Unadjusted data from the NYS Department of Labor. Seasonal adjustment by the NYC Comptroller's Office using ARIMA X-12 algorithm with 30 years of historical data..

Borough Employment (Borough Residents Working or Looking for Work)

Borough employment data are not seasonally adjusted and are based on a relatively small sample of households in each borough. (Payroll jobs for September are not yet available by borough.)

The September numbers, which are based on place of residence rather than place of work and are not seasonally adjusted, show that unemployment was highest in the Bronx, at 8.8 percent, up from the 7.9 percent number for September 2001. The next-highest unemployment rate was in Brooklyn, at 7.8 percent, up from 7.2 percent a year earlier. Manhattan's unemployment rate was in the middle of the five boroughs, 7.0 percent (up from 6.8 percent a year earlier). Staten Island's unemployment rate was 6.0 percent (up from 5.2 percent in September 2001). The lowest unemployment rate was in Queens, 5.9 percent (up from 5.3 percent in September 2001).

Jobs Data for the Third Quarter

For the third quarter of 2002, seasonally adjusted jobs fell by 1,200 from the second quarter. This was the sixth quarter out of the past seven that showed a quarter-over-quarter job decline. The second quarter of 2002 showed a rise of 7,500 jobs. Private-sector jobs also fell in the third quarter, by 1,100 jobs. Government jobs fell by 100.

Only two of the six main industry sectors showed seasonally adjusted job gains for the third quarter -- trade and services. Trade rose by 1,700 jobs and services by 4,700 jobs. The other four sectors saw job losses. Manufacturing fell by 4,300 jobs, construction by 600, transportation and public utilities by 400 jobs, and the finance, insurance and real estate (FIRE) sector by 2,100 jobs.

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