New York economy adds 244,200 private sector jobs in July 2020, NYSDL claims
New York State Department of Labor has announced an increase in the number of private sector jobs in the state.
NYSDL stated that in July 2020, jobs increased over the month by 244,200, or 3.6%, to 7,116,200, according to preliminary figures.
In the statement released by the NYSDL, the US private sector job count grew by 1.3% in July 2020.
It states that the NYS’s seasonally adjusted unemployment rate increased from 15.6% to 15.9% in July 2020.
It adds that the number of unemployed residents increased by 60,000, while labor force levels increased by 204,800.
“The increase in the unemployment rate — despite New York State adding 244,200 private sector jobs — may be explained by a combination of the use of different data sources for the two figures, the use of statistical regression models to determine the unemployment rate, a growing labor force, and the impact of out-of-state workers, among other factors,” the statement reads.
It further states that the number of private sector jobs in NYS 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,” the statement adds.
The number of unemployed New Yorkers increased over the month by 60,000, from 1,467,800 in June to 1,527,800 in July 2020.
Within the leisure and hospitality sector, job losses were greatest in accommodation and food services (-329,000), especially food services and drinking places (-256,100).
Within the trade, transportation and utilities sector, job losses were focused in retail trade (-112,500), especially clothing and accessories stores (-38,400).
Within the professional and business services sector, job losses were concentrated in administrative and support services (-115,300) and professional, scientific and technical services (-50,900).
Many economic data series have a seasonal pattern, which means they tend to occur at the same time each year (e.g., retail jobs usually increase in December). Seasonal adjustment is the process of removing seasonal effects from a data series.
This is done to simplify the data so that they may be more easily interpreted and help to reveal true underlying trends.
In New York State, payroll jobs data by industry come from a monthly survey of 18,000 business establishments conducted by the U.S. Bureau of Labor Statistics.
Data are preliminary and subject to revision. Jobs data by industry do not include agricultural workers, the self-employed, unpaid family workers or domestic workers in private households.
Labor force statistics, including the unemployment rate, for New York and every other state are based on statistical regression models specified by the U. S. Bureau of Labor Statistics.
The state’s unemployment rate is based partly upon the results of the Current Population Survey, which contacts approximately 3,100 households in New York each month.