Taking the temperature of the labor market in New York City. Wait for it – the job market is alive and well in NYC. Let’s see what the governor and the Department of Labor have to say:
The statewide unemployment rate decreased from 4.9% to 4.7% in May 2016. This represented the state’s lowest unemployment rate since August 2007. New York’s unemployment rate was equal to the U.S. rate in May 2016. In addition, the number of unemployed New Yorkers also decreased over the month – falling from 476,600 in April to 461,800 in May 2016, reaching its lowest level since October 2007.
New York State’s private sector job count declined by 19,600, or 0.2%, in May 2016. About half of the state’s private sector job losses in May were temporary, due to a strike in the telecommunications industry. Since the beginning of Governor Andrew M. Cuomo’s administration, New York State’s economy has added 794,700 private sector jobs and experienced employment growth in 56 of the past 65 months.
Regardless of the political climate, it appears that people are working in New York. It also appears that an increase in the minimum wage has not negatively affected jobs in the city. Anecdotal evidence from the local business reports also bears out the fact that employers are having a hard time filling jobs. This can mean that the labor pool is unqualified. It can also mean that employees are changing jobs again, because the climate has improved from a time when “if you have a job, keep it” was the mantra.
When wages rise, employees may find that they want to look for something better. When employees move, jobs become available. When employers look long enough for the right person, wages also rise. Sounds oversimplified, and it is. There is enough movement, however, to move towards cautious optimism.
Sounds like some good news for a Friday!