Thursday, February 15, 2024

New York City Unemployment Rate

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Counties With The Highest Unemployment Rate In New York

NYC Businesses Continue To Struggle Even As Unemployment Rate Falls

Unemployment rates, while significantly lower than the alarming pandemic peak of 14.7% experienced in April 2020, remain a subject of concern, notably as economic experts bandy around the idea of a potential recession by 2023. The last economic recessionthe Great Recession of 2008-2010sent rates up to 10% as of October 2009. It was not until the spring of 2019 that unemployment finally went down to the same level it sits at now.

As of October of this year, national unemployment is at 3.7%, 0.2% higher than in September. Seasonally adjusted unemployment rates by state demonstrate a rather sizable spectrum, ranging from just 2.0% in Minnesota, to 4.5% in Illinois and 4.7% in the District of Columbia. Further breakdown by the U.S. Bureau of Labor Statistics shows yet another county-based spectrum within each state.

To that end, Stacker compiled a list of counties with the highest unemployment rate in New York using data from the BLS. Counties are ranked by unemployment rate in September 2022.

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Current 2022 Employer Contribution Rate

As a result of pandemic relief programs provided by both New York State and the Federal government, employers may have noticed that the mailing of rate notices was suspended in 2021. Now that charges have resumed, please review the following information regarding unemployment insurance accounts.

Contributory employers: No charges for benefit weeks after March 9, 2020 were used to calculate your 2021 unemployment contribution rate, nor are charges for benefit weeks payable in 2021 being used to calculate your rate for 2022.

Reimbursing employers: You are not liable for charges for benefit weeks from March 9, 2020 through the end of 2021.

Beginning with the first benefit week ending in 2022, employer accounts are now chargeable under the standard provisions of the New York State Unemployment Insurance Law. Employers should review their charge statements carefully and let us know right away about any charges believed to be incorrect.

For the most convenient access to this information, NYS DOL strongly encourages employers to leverage our online resources and review these statements online. Information on claims affecting accounts may be obtained through:

General information about contribution rates:

The Department of Labor mails employers UI rate notices in March of every year. For 2022, the range of New York State Unemployment Insurance UI contribution rates is as follows:

Woman 19 Charged With Hate Crime For Asian Pig Subway Attack

Persistent unemployment is taking a bite out of the Big Apples post-pandemic recovery with businesses that cater to white-collar employees suffering as many offices remain largely empty.

The latest statistics from the state Labor Department put the citys seasonally adjusted unemployment rate at 7.6%, the worst of any New York metro area and nearly double the national average of 4%.In Los Angeles, the nations second-largest city, the comparable January rate was 7% and in Chicago, the third-largest, it was an even lower 5.1%.

New York has had a tougher time getting people back to the office, Wells Fargo senior economist Mark Vitner said Tuesday.

With folks not coming back to the office, all the office-adjacent employers have been slow to recover.

Vitner blamed concerns about public safety, fueled in part by a recent string of terrifying crimes in the subways.

Serious crimes are up more than 45% this year, compared to the same period in 2021, according to the NYPDs latest CompStat figures.

Charles Myers, chairman and founder of the business consulting firm Signum Global Advisors, also said that many local white-collar jobs were going unfilled even though everyone is hiring in New York City.

Short- to medium-term, crime is an issue if prospective hires see New York as unsafe, he said.

But a bigger factor about moving to and living in New York is the cost of rent.

People just got used to doing their jobs at home and being with their families, she said.

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Among Worst In The Nation

The road back will be very difficult.

New York City suffered the worst job loss among 82 metropolitan areas comparing July to the same month in 2019, according to Moodys Analytics, which considers the citys suburbs separate regions. The citys unemployment rate in July essentially tied New York with Los Angeles and Las Vegas for the worst in the nation.

Secondly, the decline in what Parrott terms face-to-face industries has been more than 2.5 times the nation. These sectors hotels and food services, administrative services, arts and entertainment, transportation and retail account for half of the jobs lost.

Barbara Denham, an economist at Moodys Analytics, also notes significant declines in so-called export industries those that make products or provide services for people outside the city.

Export industries provide a big boost to a local economy because they inject outside money into the area. For example, all the actors, writers, technicians and support staff on a Netflix production in the city are paid with money the streaming outfit collects from people around the world.

Trouble On Wall Street

New York unemployment rates in April: Where does your county rank ...

Goldman Sachs will be laying off several hundred employees in the next couple of weeks in what is expected to be a wave of job cuts from banks and investment banks, still the citys most important economic sector. The moves are the result of sharply plunging profits as the stock market correction has led to a plunge in lucrative initial public offering and merger work.

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In A Sign Of An Improving Employment Climate The Pool Of Workers Looking For Employment Is Growing Even As Investment Banking Giant Goldman Sachs Makes Layoffs

Workers make their way past the Stock Exchange, Oct. 20, 2021.

Ben Fractenberg/THE CITY

New York Citys unemployment rate jumped by more than half of a percentage point in August and ironically, it is a sign of an improving job market. Meanwhile, the citys long slog to recover all the jobs lost in the pandemic continues.

The jobless rate in the city rose to 6.6% from 6.0% last month, the state Department of Labor reported Thursday, because more people began looking for work in August than earlier in the summer.

The Labor Department determines the unemployment rate by dividing the number of unemployed by the number of people in the labor force. But it counts as unemployed only those who have actively looked for work in the past four weeks. When people start looking again, they are counted as unemployed until they find a job pushing up the jobless rate.

The city added only 16,500 jobs in August, leaving New York 161,600 jobs below the pre-pandemic record of 4.715 million while the nation has now exceeded the number of jobs before the pandemic.

Slow Return To The Office

New York metro area office occupancy increased by 3 percentage points, to 38%, in the week after Labor Day, according to the latest data from the office security company Kastle, though it remains below the 43% mark reached in the late spring.

Major employers report that just about half of their workers are in the office on an average weekday, according to a survey of 160 companies released Thursday by the Partnership for New York City. However only 9% come in five days a week. The share of fully remote workers dropped to 16% in mid-September from 28% in April.

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Dinapoli: Young People In Nyc Still Face Double

More than two years after the height of the COVID-19 pandemic, young people in New York City continue to face double-digit unemployment, with young men experiencing the greatest challenges in finding work, according to a report released today by State Comptroller Thomas P. DiNapoli. Unemployment among 16- to 24-year-olds stands at nearly 18% in the city, as compared to about 9% in the rest of New York state and 8% nationally. In comparison, overall unemployment is currently 5.6% in New York City, and 3.4% in the nation.

The city must take steps to strengthen career opportunities for young job seekers or the citys economic recovery will be stifled even further, DiNapoli said. The recovery is much slower for young workers in New York City when compared to the rest of the state and the country and has had a particularly profound impact on young people of color and young men.

DiNapolis report found unemployment rates among young people in the city are recovering at a much slower pace due to the city being the initial epicenter of the COVID-19 pandemic. Unemployment in 2020 for 16- to 24-year-olds in the city reached 22%, while in the rest of New York state it was 16.5%, and 15.9% across the United States. The pandemic not only caused staggering job losses in 2020, but devastated industries that employ more young people like restaurants, retail, and recreation, causing more young people to leave the workforce.

Report

Developments In The New York City Labor Market

NYC region still struggling with unemployment figures

Private sector jobs in New York City rose by 213,700 over-the-year to 4,009,400 in October 2022. Gains occurred in leisure and hospitality , educational and health services , professional and business services , trade, transportation, and utilities , information , financial activities , other services , and manufacturing . Losses were reported in natural resources, mining, and construction .

The city’s seasonally adjusted unemployment rate was 5.9 percent in October 2022, up 0.3 percent from September and a decrease of 2.0 percent from October 2021. New York State’s rate was 4.4 percent in October 2022. The share of the city’s working age population who were either employed or looking for a job climbed to 60.6 in October as more local residents entered the labor force last month.

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Unemployment Rate For Young Nyc Workers Is In Double Digits Report Says

A “help wanted'” sign is displayed on a Manhattan Chipotle store earlier this year. Credit: Getty Images/Spencer Platt

Nearly twice as many young workers over 70,000 are unemployed in New York City compared to 2019, the year before the coronavirus pandemic swept the world, according to a report from the office of State Comptroller Thomas DiNapoli.

Hardest hit are young men, the report says, concluding that male workers have driven the high young worker unemployment rate,” as traditional service industries remain impacted by the recovery from the pandemic and other factors.

The city unemployment rate is in double digits for 16- to 24-year-olds overall, nearly 18%, compared with about 9% in the rest of the state and 8% in the United States overall. By comparison, overall unemployment is 5.6% in the city and 3.4% nationwide.

In New York City, it’s nearly 24% for young men.

Local Area Unemployment Statistics

The Local Area Unemployment Statistics program provides monthly and annual employment, unemployment, labor force, and unemployment rate data for New York State, labor market regions, metropolitan areas, counties, workforce investment regions, and municipalities of at least 25,000 people. LAUS is a joint effort between New York State and the United States Bureau of Labor Statistics .

A wide variety of customers use this information:

  • The federal government uses the data to allocate money to states and areas, as well as eligibility determinations for assistance.
  • State and local governments use the estimates for planning and budgetary purposes and to determine the need for local employment and training services.
  • Private industry, researchers, the media, and other individuals use the data to assess local labor market conditions and make comparisons across geographic areas.

The dashboard below can be used to explore the data in multiple ways.

Monthly Data – Allows you to retrieve and compare current and historical seasonally and not seasonally adjusted monthly labor force data for different labor market areas.

Annual Data – Allows you to retrieve and compare annual labor force data for different labor market areas.

LFPR and EMP/POP – Allows you to retrieve and compare seasonally and not seasonally adjusted Labor Force Participation Rate and Employment to Population Ratio data for Balance of State, New York City, New York State, and the United States.

Release Dates for LAUS Data

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Rise In Labor Force Participation Pushes Up The Citys Unemployment Rate Average Weekly Hours And Real Wages Have Fallen For Many Workers

New York City gained nearly 24,000 payroll jobs in August on a seasonally adjusted basis, a pace in line with the average monthly growth so far in 2022. The citys pandemic jobs shortfall since February of 2020 narrowed to 141,000, equivalent to three percent of the pre-pandemic job level. See the table below.

Within the face-to-face industry category, administrative services and educational services have both now reached their pre-pandemic employment levels. Within administrative services, temporary employment agency employment has more than recouped its pandemic job loss while building services employment still lags pre-pandemic levels.

The big story from the August employment data release was the sharp uptick in New York Citys unemployment rate, rising from six percent in July to 6.6 percent in August. This resulted not from layoffs, but from an influx of job seekers into the labor force, raising the citys labor force participation rate to 60.9 percent, slightly above the pre-pandemic level of 60.6 percent and the highest monthly level in over 10 years. The chart below shows a steady rise in labor force participation in New York City this year compared to a very gradual rise for the nation overall.

Another indicator that appears at odds with a labor shortage situation is that average weekly hours worked in the citys private economy have declined throughout 2022 and remain below 2019 levels, as the chart below indicates.

Nyc Has Worst Unemployment Rate In The Us At 76% Because Manhattan Workers And International Tourists Still Haven’t Returned To Crime

Unemployment rate in New York remains higher than the national average ...
  • Labor statistics for the New York City region revealed that NYC’s unemployment rate stands at 7.6 percent, among the highest rate in major cities across the US
  • NYC real estate prices have soared but offices in Midtown Manhattan and the Financial District remain empty as employees have chosen to work from home
  • As a result subway ridership remains at 60 percent of pre-pandemic levels and surrounding businesses in Manhattan have yet to totally bounce back
  • NYC mayor Eric Adams has asked leaders of major companies in the city to prioritize getting workers back in the office to stimulate the city’s economy
  • In Manhattan, which accounts for 57 percent of the city’s jobs, nearly 275,000 fewer paychecks were handed out than in March 2020

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Us Unemployment Rate Falls In December But Rises For Black Women Hispanic Men

The U.S. unemployment rate declined overall in December, but rose for Black women and Hispanic men, according to the latest nonfarm payrolls report.

Black women saw unemployment increased to 5.5% last month, up 0.3 percentage points from 5.2% in November, data from the Labor Department showed Friday. Overall, Black employment held steady at 5.7%, while the unemployment rate for Black men actually declined to 5.1% from 5.4% last month.

Meanwhile, Latino men saw unemployment rise to 4% in December, an increase of 0.4 percentage points from 3.6% the prior month. The overall unemployment rate ticked up to 4.1% from 4.0%. Unemployment among Latino women also ticked up to 3.7% from 3.6%.

Those figures bucked the trend in the broader economy, which showed unemployment in the U.S. fall to 3.5% from 3.7%. It was 0.2 percentage points below consensus expectations from the Dow Jones.

“What we’ve really seen over the course of the last nearly three years since the pandemic hit, is that we’ve regained, in terms of aggregate numbers, all of the jobs lost,” said Michelle Holder, a distinguished senior fellow at Washington Center for Equitable Growth.

“But the sort of industrial mix has changed, and has kind of impacted what we’re seeing with regard to the distribution of joblessness, by gender, race and ethnicity. And it’s really disaffecting Black women and Latinx men,” Holder added.

City Of Syracuse 2021 Unemployment Rate Among Lowest In Ny Census Says

Tetra Images | Getty Images

Syracuse, N.Y. Syracuse had one of the lowest unemployment rates in New York in 2021, according to a new estimate from the Census Bureau.

Syracuses 2021 unemployment rate of 6.9% was the second-lowest among New York places with populations of at least 65,000 people. The citys rate was lower than all of the other major Upstate New York cities and communities Downstate, including New York City. Only Cheektowaga was better.

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New Yorks Economy Slowly Creeps Back As Unemployment Drops Slightly

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New Yorks economy is looking a tad brighter as the state added 17,400 jobs in September and the unemployment rate dropped slightly, the state Department of Labor announced on Thursday.

The statewide unemployment rate decreased from 4.7% in August to 4.3% in September, the agency said in a press release.

The decrease was led by New York City, which saw its unemployment rate drop from 6.6% in August to 5.6% in September.

Mayor Eric Adams heralded the news in a statement on Thursday.

Ive said it before and Ill say it again: New York City isnt just coming back, its back,” Adams said. “Were seeing the highest labor force participation in 12 years, with more New Yorkers reentering the workforce and more New Yorkers finding jobs. Every day, I hear about another business launching or moving to the five boroughs. In fact, one in 10 businesses in New York City has opened in the past year.”

Outside of New York City, the unemployment rate ticked up from 3.2% to 3.3%.

New Yorks economy, which was hit hard by the COVID-19 pandemic, is slowly rebounding from where it was last year. The unemployment rate fell from 5.7% last September to 3.9% last month, according to the non-seasonally adjusted data used to make year-to-year comparisons.

This story has been updated to include comment from Mayor Eric Adams.

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