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-- City Lost 3,100 Payroll Jobs Last Month --
New York City Comptroller William C. Thompson, Jr. today released his office’s analysis and seasonal adjustment of November job numbers reported by the New York State Department of Labor and the U.S. Bureau of Labor Statistics.
Thompson noted that although the City lost 3,100 payroll jobs on a seasonally adjusted basis last month, the City’s unemployment rate fell to 5.4 percent in November from 6.1 percent in October.
“This is the lowest rate since July 2001 and the first time that the City’s unemployment rate has been as low as the nation’s in 16 years,” Thompson said.
The City’s seasonally adjusted November job loss is 1.0 percent annualized month-over-month loss. This compares with a corresponding increase for the nation of 1.0 percent.
The City’s labor force rose by 2,600, seasonally adjusted, after having fallen by 19,900 in October. The number of unemployed City residents fell by 24,500 in November to 200,700, after falling by 31,800 in October. The number of employed New York City residents rose to 3,500,700, seasonally adjusted, the first time that the number of employed New Yorkers has exceeded 3.5 million since December 2000.
The City’s Year-over-Year Monthly Lag behind U.S. in Job Creation Widens
The lag of City year-over-year monthly percentage job growth behind U.S. job growth rose again in November to 0.72 of a percentage point, the largest difference in any month in 2004. The City has lagged the nation in job creation consistently since March 2001, with the gap opening up significantly in November 2001. (Chart 1)
Chart 1. NYC and U.S. Show Positive Job Growth But NYC Still Lags U.S. in Year-over-Year Monthly Percent Changes in Jobs, January 2000 to Nov. 2004
Data Source: Computations by the NYC Comptroller's Office based on data from New York State Department of Labor and U.S. Bureau of Labor Statistics. (Y/Y = Year over Year.)
The numbers for Chart 1 are shown in Table 1.
Table 1. Year-over-Year Monthly Percent Changes in Jobs,
January 2003 to November 2004, U.S. and NYC
|
NYC Y/Y Change |
US Y/Y Change |
NYC - US Difference |
January 2003 |
-0.9% |
-0.3% |
-0.59% |
February |
-1.2% |
-0.3% |
-0.85% |
March |
-1.4% |
-0.4% |
-0.98% |
April |
-1.6% |
-0.4% |
-1.22% |
May |
-1.6% |
-0.4% |
-1.26% |
June |
-1.8% |
-0.4% |
-1.31% |
July |
-1.8% |
-0.4% |
-1.47% |
August |
-1.9% |
-0.4% |
-1.49% |
September |
-1.5% |
-0.3% |
-1.14% |
October |
-1.6% |
-0.2% |
-1.39% |
November |
-1.6% |
-0.2% |
-1.40% |
December |
-1.6% |
-0.1% |
-1.51% |
January 2004 |
-0.5% |
-0.0% |
-0.47% |
February |
-0.2% |
0.1% |
-0.31% |
March |
0.0% |
0.5% |
-0.52% |
April |
0.4% |
0.9% |
-0.52% |
May |
0.4% |
1.0% |
-0.63% |
June |
0.9% |
1.1% |
-0.28% |
July |
1.1% |
1.3% |
-0.20% |
August |
1.2% |
1.3% |
-0.15% |
September |
1.0% |
1.4% |
-0.38% |
October |
0.9% |
1.5% |
-0.60% |
November |
0.9% |
1.6% |
-0.72% |
Source: Computations by the NYC Comptroller's Office based on data from New York State Department of Labor and U.S. Bureau of Labor Statistics. (Y/Y = Year over Year.)
Total Jobs Fell by 3,100 as Governments Reduce Payrolls by 1,000
Total jobs located in New York City, seasonally adjusted, fell by 3,100 in November compared with October, as governments in the City reduced the number of employees on a seasonally adjusted basis. Local government jobs (i.e., jobs in City government and in independent local agencies like the MTA) fell by 600 while Federal and State jobs each fell by 200.
Within the private sector, four sectors showed seasonally adjusted job growth and five showed declines. The growth sectors were leisure and hospitality, which added 700 jobs, education and health services, which added 400 jobs, manufacturing, which added 200 jobs, and construction, which added 100 jobs.
On the down side, the largest job-losing sectors were information, which lost 1,600 jobs, financial activities, which lost 700 jobs, trade, transportation and utilities, which also lost 700 jobs, professional services, which lost 300 jobs, and other services, which lost 200 jobs. (Chart 2)
Chart 2. Change in New York City Jobs by NAICS Category,
November Compared with October 2004, Seasonally Adjusted, ‘000, and SAAR
Data Source: New York State Department of Labor and U.S. Bureau of Labor Statistics, revised series based on NAICS job categories. The percent-change numbers in parentheses are annualized numbers based on month-to-month changes. SAAR = Seasonally adjusted annual rate (in parentheses).
Since December 2000, New York City has lost 205,700 jobs, seasonally adjusted, of which 126,900 jobs (or 61.7 percent) have been lost since September 2001, 33,100 jobs have been added since the beginning of 2004.
November Unemployment Rates by Borough
Within New York City on a non-seasonally adjusted basis, the November unemployment rate of City residents was lowest in Queens, at 4.4 percent. It was highest in the Bronx at 7.2 percent. The second-highest unemployment rate was in Brooklyn, at 6.0 percent, followed by 5.2 percent in Manhattan and 4.7 percent in Staten Island.
On a year-over-year basis, unemployment of City residents fell in all boroughs—by 3.4 percentage points in the Bronx, 2.8 percentage points in Brooklyn and Staten Island, 2.6 percentage points in Manhattan, and 2 percentage points in Queens.
City Unemployment Rate Decreases to 5.4 percent in November
The City’s unemployment rate in November, seasonally adjusted, fell to 5.4 percent, from 6.1 percent in October. The number of unemployed New Yorkers, seasonally adjusted, fell by 24,500 in November, after having decreased by 31,800 in October. The number of employed New Yorkers in November rose by 27,200, seasonally adjusted, after having risen by 11,800 in October.
The City’s labor-force-participation rate (a measure of the number of New Yorkers working relative to theadult population) remained unchanged in November from 57.2 percent in October. The City’s labor-force-participation rate is 8.9 percentage points below the national average of 66.1 percent.
# # #
The numbers are reported according to the new North American Industry Classification System (NAICS), which replaced the previous Standard Industrial Classification (SIC) codes, as described at http://stats.bls.gov/sae/saenaics.htm.
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