New York State’s private sector job count grew by 21,300, or 0.3 percent, in May 2014, according to preliminary figures released last week by the New York State Department of Labor. This latest monthly employment gain raised New York State’s private sector job count to 7,568,600, a new all-time high. The state’s unemployment rate held steady at 6.7% in May 2014, remaining at its lowest level since December 2008.
Since the beginning of Governor Andrew M. Cuomo’s administration, the New York State economy has added 466,000 private sector jobs and experienced employment growth in 36 of the past 41 months. May also marked New York State’s 18th consecutive month with private sector job growth, the state’s longest streak on record, since at least 1990. New York State remains one of only 17 states that have regained all of the private sector jobs lost during the recession, according to the latest available statistics.
The state’s private sector job count is based on a payroll survey of 18,000 New York employers conducted by the U.S. Department of Labor’s Bureau of Labor Statistics. Monthly payroll employment estimates are preliminary and subject to revision as more information becomes available the following month. The federal government calculates New York’s unemployment rate partly based upon the results of the Current Population Survey, which contacts approximately 3,100 households in New York State each month.
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