State unemployment rate falls

NEW YORK STATE >> The statewide unemployment rate has fallen to to 4.6 percent, according to figures released by the New York State Department of Labor, and the private sector job count is at a record high.

“The state’s labor market continued to expand in January 2017,” said Bohdan M. Wynnyk, deputy director of the New York State Department of Labor’s Division of Research and Statistics, in a news release. “Not only did the statewide economy reach a new record high of more than eight million private sector jobs, but our state’s unemployment rate dropped to its lowest level in almost a decade.”

In January 2017, New York’s statewide unemployment rate decreased from 4.8 to 4.6 percent, its lowest level since June 2007. Pushing the statewide rate lower was a steep drop in New York City’s rate, which fell from 4.9 to 4.5 percent, its lowest level on record going back to 1976.

For areas outside of New York City, the rate only fell from 4.7 to 4.6 percent, matching the rate from January 2016.

The Albany-SchenectadyTroy Metro Area saw a 1.3 percent increase in its number of nonfarm jobs from January 2016 to January of this year.

Also in January 2017, New York state’s private sector job count increased by 28,500, or 0.4 percent, to 8,035,600, a new record high.

Since the end of the state’s recession in late 2009, New York has added more than one million private sector jobs.

Among the New York state sectors with job gains since January 2016, private educational and health services added the most jobs of any major industry sector, at a 65,200 increase. Sector job gains were mostly in health care and social assistance, especially ambulatory health care.

The second largest employment increase during that time occurred in professional and business services, which increased by 38,500 jobs. Sector gains were centered in professional, scientific and technical services and administrative and support services.

These sectors were followed by trade, transportation and utilities as well as leisure and hospitality.

Other sectors experienced job losses since January 2016. Manufacturing lost the most jobs of any major industry sector in New York, decreasing by 15,800. Over-the-year sector losses were concentrated in durable goods, especially machinery manufacturing and computers and electronic products.

The second largest employment decrease from January 2016 to January 2017 occurred in financial activities, which lost 500 jobs. Sector job losses were focused in finance and insurance, especially securities, commodity contracts and other financial investments.