Wednesday, March 27, 2024

Unemployment Rate New York City

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Understanding The Dynamics Of The Citys Labor Force

NYC region still struggling with unemployment figures

Even as concerns over public health have subsided somewhat, the pandemic has raised many questions as to whether factors such as access to reliable childcare and preferences for remote work have influenced the labor force participation of certain groups. While nationally recognized trends, including a decline in the female labor force and in employment in low-wage sectors, do apply to New York City, the underlying demographic and socioeconomic dimensions of these and other trends merit further discussion.

To illuminate the specific dynamics in the City, this report uses the U.S. Bureau of Labor Statistics Current Population Survey over the period 2019 to 2021.6 The following sections address questions about the Citys labor force and aim to shed light on why the employment situation in the City continues to lag behind the rest of the State and the nation .

How did female and male labor force participation during the pandemic compare to the past?

The female labor force participation rate has historically lagged behind the male rate in the nation and in the City. Scholars attribute this gender gap to womens traditional family roles, as well as individual choices.7 In 2019, nationwide 57.8 percent of females participated in the labor force compared to 69.4 percent of males. In the City, this difference was more pronounced, showing a gender gap of 14.8 points compared to 11.6 points in the nation .

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

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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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Developments In The New York City Labor Market

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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Labor Force Participation Nears Pre

While unemployment rates are helpful for learning about the population who are seeking but unable to find work, they do not tell the whole story, since they do not account for the population who are no longer seeking work and therefore have dropped out of the labor force entirely. The labor force participation rate, which is the sum of employed and unemployed people as a share of the population that is of working age , can provide additional information that is useful for understanding the overall employment situation.

Prior to the pandemic, in February 2020, the City had a smaller labor force participation rate than the rest of the State , and both the City and the State’s rates were below the national figure .4

FIGURE 5 Labor Force Participation Rates: City, Rest of State and Nation, January 2020 to March 2022

At the onset of the pandemic, many people nationwide lost their jobs and did not or could not seek work for a variety of reasons, including retirement, mental and physical health and wellness, or family obligations. This trend was more pronounced in the City, as the labor force participation rate dropped to 55.8 percent in April 2020, the lowest rate in 20 years. This was a 4.7 point drop from its February 2020 level and greater than the decline in the nation . As of March 2022, the labor force participation rate in the City is 59.2 percent, 1.4 points lower than its February 2020 level. The rate in the nation is 62.4 percent, 1.0 point lower.

Trouble On Wall Street

New York unemployment rates  March 2014: 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.

Citys Employment Recovery Lags Behind State And Nation

At the outset of the pandemic, from February to April 2020, employment in the City decreased by 21 percent . As the nations initial epicenter of the COVID-19 pandemic, the City experienced more significant employment disruption when compared to other places. Therefore, this percentage is greater than in the rest of the State and in the nation overall . Two years later, as of March 2022, the City has recovered less than 71 percent of the jobs lost in March and April 2020. The rest of the State has recovered 82 percent. As of April 2022, the nation has recovered 95 percent.1

While the City, State and national economies suffered heavily at the onset of the pandemic, they all resumed job growth in May 2020 after losing jobs in March and April. As of March 2022, the City has not fully regained its pandemic job losses in any economic sector except for information and health care . The City does not expect its pandemic job losses to return fully until 2024.

FIGURE 1 Pandemic Jobs Lost and Regained in New York City by Economic Sector, March 2022

Note: Figures are not seasonally adjusted.

The nation has either recovered or nearly recovered its pandemic job losses in many economic sectors.2 As discussed in the following sections, many of the economic differences observed across individuals in different demographic groups are explained, in part, by their employment in hard-hit economic sectors that have been slow to recover their early pandemic job losses.

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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.

Amount And Duration Of Nys Unemployment Benefits

Brooklyn Reports Highest Unemployment Numbers In New York State

The New York State Department of Labor determines your weekly unemployment benefit amount by dividing your earnings for the highest paid quarter of the base period by 26, up to a maximum of $504 per week.

Benefits are available for up to 26 weeks. If you are still unemployed when your regular state benefits run out, you may be eligible for Emergency Unemployment Compensation and/or state extended benefits during periods of economic recession or high unemployment. Contact NYSDOL to find out which programs are in place when you apply for benefits.

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Are You Available And Actively Searching For Work

To maintain your eligibility for unemployment benefits, you must be able to work, available to work, and looking for work. If you are offered a suitable position, you must accept it. A suitable position is one for which you are a fit based on your training and experience. Even if the position pays less than what you used to make, you may not turn it down for this reason as long as it pays the prevailing wage for similar work.

You must keep written records of your job search efforts. If you are asked to come in to the state agency for a personal interview, you may be asked to bring these records.

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:

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Geographic Patterns Of Jobs And Wealth

The accessibility of job centers well served by public transit and the availability of wealth-building opportunities, such as the location of financial institutions and affordable homeownership opportunities, vary significantly across New York City.

Core Manhattan, northwest Brooklyn, Long Island City, central Staten Island, and Riverdale rank most highly on a national index measuring geographic patterns of labor force participation and educational attainment. The U.S. Department of Housing and Urban Development created the Labor Market Engagement Index as a measure of the relative intensity of labor market engagement and higher educational attainment in a neighborhood5. It takes into account unemployment, labor force participation, and bachelors degree rates at the census-tract level and assigns a value ranging from 0 to 100 that is ranked nationally. The higher the number, the stronger the labor market engagement and educational attainment in the neighborhood. The Labor Market Index map below shows that the greatest concentration of tracts scoring high on the Labor Market Engagement Index are located in Manhattan, as well as northwest Brooklyn and Long Island City.

If You’ve Lost Your Job Because Of The Coronavirus Pandemic Or Any Other Reason You Might Qualify For Unemployment Benefits In New York Learn Whether You’re Eligible And How Much You Might Receive

Preliminary Report Shows Bronx Had Highest City Unemployment Rate in ...

In New Yorkas in every other stateemployees who are temporarily out of work through no fault of their own may qualify to collect unemployment benefits. The eligibility rules, prior earnings requirements, benefit amounts, and other details vary from state to state, however.

Here are the basic rules for collecting unemployment compensation in New York.

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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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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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Are You Out Of Work Through No Fault Of Your Own

You must be out of work through no fault of your own to qualify for unemployment compensation in New York. If you are laid off, lose your job in a reduction-in-force , or get “downsized” for economic reasons, you will meet this requirement. You will also likely be eligible for unemployment benefits if you are fired because you don’t meet the qualifications for the job or you fail to meet the employer’s performance or productivity standards.

In New York, employees who are fired for work-related misconduct may not qualify for unemployment benefits. Examples of work-related misconduct include violating company policy or rules, such as those prohibiting absenteeism or insubordination. If you are fired for conviction of a felony , you also won’t be eligible for benefits.

If you quit your job, you won’t be eligible for unemployment unless you had good cause for quitting.

Expanded Unemployment In New York During The Covid

New York State Department of Labor unemployment rates

On March 11, 2021, President Biden signed into law a $1.9 trillion COVID-19 relief bill known as the American Rescue Plan .

Under ARP, the $300 per week federal unemployment supplement is extended until September 6, 2021.

The law also extends two unemployment programs originally created by the CARES Act in March 2020: Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation .

Under the PUA program, self-employed workersusually excluded from unemployment benefitsare entitled to unemployment if they meet certain criteria. ARP makes PUA benefits available through Labor Day 2021, and increases the maximum duration of these benefits from 50 to 79 weeks.

The PEUC program provides for a federally-funded extension of benefits when state unemployment benefits expire. ARP increases the maximum duration of PEUC benefits from 24 to 53 weeks, with an expiry date of September 4, 2021.

For up-to-date information on New York’s rules on unemployment eligibility and amounts during the COVID-19 pandemic, visit the state Department of Labor’s Unemployment page.

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