New York City experienced record-breaking job growth in January. Employers added 31,200 jobs — the highest one month gain in the last 23 years — according to analysis of New York State Labor Department by the real estate firm Eastern Consolidated.
“I was stunned by the results,” said Barbara Byrne Denham, chief economist with Eastern Consolidated. She analyzed the recently revised data released Thursday by the New York State Department of Labor. “More importantly, the level of employment, as of January, is now higher than it’s ever been in New York City’s history, at least since they’ve kept statistics, which was in 1950.”
In 2011, the city added over 54,000 jobs – 50 percent more than previous reported, according to Denham. The data also showed that Wall Street added jobs through 2010 and 2011, despite earlier estimates of job losses.
“Today’s report is further confirmation that, despite the challenges we face, New York City is leading the nation in terms of economic recovery,” said Mayor Michael Bloomberg in a statement. He added that “over the last two years, New York City created more jobs than the next 10 largest cities combined.”
However, the city’s seasonally-adjusted unemployment rate rose to 9.3 percent in January 2012, up from December’s 9.1 percent and 8.9 percent in January 2011. Byrne Denham says more analysis is needed to explain the increase despite such dramatic job gains.
New York State
New York State has now recouped just over 75 percent of jobs lost due to the recession. Its recovery has outperformed economic gains in the rest of the nation, according to the New York State Department of Labor.
“Our new figures show that New York State’s economic recovery has been more robust than first calculated, said Bohdan M. Wynnyk, deputy director of the labor department’s Division of Research and Statistics.
In January, the state added a significant number of jobs — 45,500 in the private sector — even as the unemployment rate ticked up slightly, to 8.3 percent from 8.2 percent, largely do to newly motivated job seekers. Over the same time period, the national unemployment rate dropped from 8.5 percent in to 8.3 percent.
New Jersey’s unemployment rate remained essentially unchanged in January, holding at 9 percent, though the private sector added 10,700 jobs and the public sector added 2,600.
“January’s strong gain in payrolls shows that the state’s economy is moving forward: employers are hiring.” said Charles Steindel, chief economist for the New Jersey Department of Treasury.
Over the month, the average hourly wage dropped to $19.52, but it was still $0.40 cents more compared to last January.