January 25, 2022
Summary
New York added 45,300 net payroll jobs and the unemployment rate fell by 0.4 percentage point to 6.2 percent in December, according to Bureau of Labor Statistics (BLS) data released at 10:00am on January 25, 2022.
Over the past twelve months, New York added 378,200 payroll jobs and the unemployment rate fell by 2.5 percentage points from 8.7 percent.
In December, New York’s private sector added 45,400 net private payroll jobs and over the past twelve months it added 373,300 private payroll jobs in the establishment survey.
In the household survey, the number of unemployed fell by 41,821 on net in December, and over the past year employment rose by 172,720.
New York’s labor force participation rate fell to 59.8 percent in December from 60.1 percent. Since last year, the labor force participation rate remained unchanged.
The national unemployment rate fell by 0.3 percentage point in December to 3.9 percent. State employment and unemployment data for January is scheduled for release March 14, 2022. The national employment situation report for January will be released February 04, 2022.
New York Payroll Employment
New York added 45,300 net payroll jobs, or 0.5 percent, on a seasonally adjusted basis during December. In the prior month, New York added 30,600 jobs. Over the past twelve months, New York added 378,200 payroll jobs, or 4.3 percent. New York nonfarm payroll employment had increased in 11 of the past 12 months.
Nationally, nonfarm payrolls rose by 199,000 in December, or rose by 0.1 percent. Over the 12-month period ending with December, nonfarm payrolls rose by 6,448,000 jobs, or 4.5 percent. New York is tied for 19th among the 50 states and the District of Columbia for percentage gain in nonfarm payroll employment over the past 12 months.
During December, New York’s private-sector added 45,400 jobs, or approximately 0.6 percent. The private-sector in New York added 31,400 jobs in the prior month. Over the past twelve months, private-sector payrolls in New York added 373,300, or 5.1 percent. New York private-sector payroll employment has increased in each of the past 12 months.
Nationally, private-sector payroll jobs rose by 211,000 jobs in December, or 0.2 percent. Over the past 12 months, the national payroll rose by 5,996,000 jobs in the private sector, or 5 percent. New York ranks 18th among the 50 states and the District of Columbia for a percentage gain in private-sector payroll employment over the past 12 months.
The best performing sectors on a seasonally adjusted basis during December were Trade, Transportation, and Utilities (16,400) and Professional and Business Services (12,600). The poorest performing sectors during the month were Other Services (-600) and Construction (-2,900).
The best performing sectors during the last twelve months were Leisure and Hospitality (160,100) and Professional and Business Services (79,700). The poorest performing sectors during the last twelve months were Financial Activities (-8,300) and Construction (-15,900).
New York Labor Force Statistics
Labor Force Participation
The labor force participation rate in New York fell to 59.8 percent in December from 60.1 percent in the prior month. At a labor force participation rate of 59.8 percent, New York ranks 40th in the nation. The labor force participation rate in New York remained unchanged from a year earlier. The labor force participation rate is the percentage of the civilian noninstitutionalized population age 16 and older who are employed or actively looking for work.
The 10-year high for the labor force participation rate in New York was 61.8 percent last occurring in July 2013. The series high for the labor force participation rate in New York occurred in December 1989 when the labor force participation rate hit 63.6 percent. The 10-year low for the labor force participation rate was 56.8 percent in April 2020. This also represents the series low for the labor force participation rate in New York.
The national labor force participation rate remained steady at 61.9 percent in December. That rate rose by 0.4 percentage point from a year earlier. The all-time high for the national labor force participation rate was 67.3 percent in April 2000. The 10-year high for the national labor force participation rate was 63.8 percent in October 2012. The recent 10-year low occurred in April 2020 at a level of 60.2 percent. The series low for the national labor force participation rate was 58.1 percent in December 1954.
Employment-to-Population Ratio
The employment-to-population ratio, or the percentage of the New York civilian noninstitutionalized population 16 years and older counted as employed, in December remained unchanged. At 56.1 percent, New York ranks 43rd among state employment-to-population ratios in the nation. The employment-to-population ratio in New York rose by 1.5 percentage points from a year earlier.
The 10-year high for the employment-to-population ratio in New York was 58.7 percent last occurring in December 2019. The series high for the employment-to-population ratio in New York last occurred in May 2006 when the employment-to-population ratio hit 60.3 percent. The 10-year low for the employment-to-population ratio was 47.6 percent in April 2020. This also represents the series low for the employment-to-population ratio in New York.
The national employment-to-population ratio rose by 0.2 percentage point over the month to 59.5 percent in December. That rate rose by 2.1 percentage points from a year earlier. The all-time high for the national employment-to-population rato was 64.7 percent in April 2000. The 10-year high for the national employment-to-population ratio was 61.2 percent in February 2020. The recent 10-year low occurred in April 2020 at a level of 51.3 percent. The series low for the employment-to-population ratio was 51.3 percent in April 2020.