NYS economy boosted with increase in employment rate
New York State economy has boosted with an increase in the employment rate.
This was disclosed in a statement released on Thursday November 19, 2020, by the New York State Department of Labor.
According to the statement, in October 2020, close to 50,000 private jobs were created in the New York City.
The number of private sector jobs in New York State increased over the month by 45,600, or 0.6%, to 7,340,300, according to preliminary figures released today by the New York State Department of Labor.
This represents the sixth straight month of job gains for the Empire State.
“New York State’s seasonally adjusted unemployment rate decreased from 9.7% in September to 9.6% in October 2020.
“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),” the statement says.
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 State’s unemployment rate is calculated by the U.S. Bureau of Labor Statistics, using a statistical regression model that primarily uses the results from the monthly Current Population Survey (CPS) of approximately 3,100 households in New York State.
In October 2020, the statewide unemployment rate decreased from 9.7% to 9.6%. New York City’s unemployment rate decreased over the month from 13.9% to 13.2%. Outside of New York City, the unemployment rate increased from 6.6% to 6.9%.
The number of unemployed New Yorkers decreased over the month by 17,500, from 886,300 in September to 868,800 in October 2020.
One factor contributing to the over-the-year drop in total nonfarm employment in October 2020 was the loss of 16,000 temporary U.S. Census Bureau jobs.
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