NYS economy adds 20600 private sector jobs in Jan 2022

According to preliminary seasonally adjusted figures released today by the New York State Department of Labor, the number of private sector jobs in New York State increased over the month by 20,600, or 0.3%, to 7,858,000 in January 2022.

By comparison, the number of private sector jobs in the U.S. increased by 0.3% in January 2022.

New York State’s private sector jobs (not seasonally adjusted) increased by 466,100, or 6.4%, over the year in January 2022.

By comparison, the number of private sector jobs in the U.S. increased by 5.2% over the year.

New York State’s seasonally adjusted unemployment rate decreased from 5.4% to 5.3% in January 2022.

The number of private sector jobs in New York State is based on a payroll survey of 18,000 New York businesses conducted by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS).

Monthly payroll employment estimates are preliminary and subject to revision as more complete data become available the following month. The BLS calculates New York State’s unemployment rate based partly upon the results of the monthly Current Population Survey (CPS) of approximately 3,100 households in the State.

Jobs data are revised at the end of each year for all states and the nation as more complete information becomes available from employers’ Unemployment Insurance records. This process is called “benchmarking” and is federally mandated.

For a comparison of 2020 – 2021 annual data after benchmarking, see Summary of Annual Results beginning on page 14.

Labor force data, including unemployment rates, are also revised at the end of each year, using methods established by the U.S. Bureau of Labor Statistics. The revised labor force data show that New York State’s annual average unemployment rate decreased from 9.9% in 2020 to 6.9% in 2021.

Note: Seasonally adjusted data are used to provide the most valid month-to-month comparison. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month – for example, January 2021 versus January 2022.