New York City Unemployment Rate

New York City Unemployment RateNew York City Unemployment RateNew York City Unemployment RateWith a jobless satz that closely mirrors the average US unemployment rate, New York Citys employment numbers are solidly average, according to the Bureau of Labor Statistics (BLS.)New York Citys unemployment rate in December 2014 was 6.2 percent, which was significantly lower than the neighboring Philadelphia and Washington, D.C. sozialschlauch areas yet higher than nearby Boston for the same time period. Compared with New York as a whole, New York City fared well, with an unemployment rate eight points below the New York State unemployment average.Jobless rates vary widely throughout the New York City metro area. In December 2014, Manhattan and Queens fared the best, with jobless rates of 5.2 percent and 5.7 percent, respectively. The Bronx, however, fared the worst, with jobless rates of 9.3 percent.In December 2014 the New York City unemployment rate hit the lowest point that it had seen a ll year. Aside from a slight spike in March 2014, unemployment in New York City declined slowly and steadily in 2014, mirroring the slow and steady decline of the national unemployment rate.New York City During the 2008 Recession and Its AftermathThough New York City certainly felt the effects of the 2008 recession, the metro area never saw unemployment rates escalate beyond 10 percent. The areas highest jobless rate hit in early 2010, similar to other metro areas in the U.S. The jobless rate in New York City spiked at 9.7 percent in both January and February 2010, which was slightly under the national high of 10 percent.Unemployment in New York City in 2011 and BeyondAfter the spike in 2010, the jobless rate in New York City declined slowly. Additional minor spikes hit in January 2011, February 2012, and January 2013, yet overall, the jobless rate decreased throughout the area. In 2011, New York City maintained a jobless rate between 8.4 and 9.1 percent, and in 2012 the citys joble ss rate hovered between 8.2 and 9.2 percent.New York Citys Major Industries and their Impact on UnemploymentIn 2014, the largest industries in New York City were education and health services, trade and transportation, professional and business services, government, and leisure and hospitality. Most of these industries show signs of growth in New York City, with some growing faster than others.Between 2013 and 2014, New York Citys employment in the information, manufacturing, and government sectors all decreased. The information sector saw the largest decrease, at 3.1 percent, while employment in manufacturing decreased by 2.1 percent. While these declining industries may continue to shrink in the New York City metro area, they may not contribute to large scale unemployment, thanks to growth in other industries.New Opportunities in New York CityIn New York City, the leisure and hospitality sector grew by 5.1 percent between December 2013 and December 2014, while employment in profes sional and business services grew by 4.7 percent. Other sectors such as education and health services also saw encouraging increases in employment.Sectors such as trade and transportation, construction, and government also showed minor increases or decreases in employment. While the changes werent significant, they point to steady employment in these sectors.Wages in New York City were below the national average throughout 2012 and 2013, making for a difficult economic impact on the citys working population, given the areas high cost of living. In late 2014, however, New York City wages increased sharply and finally surpassed the national average. Increased compensation and decreased unemployment has positive implications for professionals in New York City.A key measure of labor supply, the unemployment rate is defined as the percentage of the total labor force that is unemployed but actively seeking employment and willing to work. Use the links below to see unemployment trends from the 28 major metropolitan marketsAtlantaDetroitNew York CitySan FranciscoBostonHoustonPhiladelphiaSeattleChicagoLos AngelesPittsburghWashington, D.C.DallasRelated ResourcesPost a Job New York City