NEW YORK CITY—The New York State Department of Labor released some heady economic statistics on Thursday, such as the factoid that 57.8% of New York City residents of working age (16 and older) were employed in June, the highest level on record.
According to Elena Volovelsky, senior economist at the state's DOL, the number of New York City residents who held jobs climbed by 144,600 in the past 12 months. The city's seasonally adjusted unemployment rate in June stood at 6.1%, down 0.3 of a percentage point from May 2015 and 1.1 percentage point from June 2014. The statewide unemployment rate in June 2015 was 5.5%, the lowest rate in seven years.
Private sector employment in New York City rose by 111,300 positions, or 3.1% to 3,676,200 for the 12-month period ending June 2015. Among the industries that experienced job growth in the past year were in educational and health services (+38,800), professional and business services (+22,300), leisure and hospitality (+16,400), trade, transportation, and utilities (+10,700), other services (+9,200), construction (+7,200), financial activities (+7,100), and information (+1,300). Government employment rose by 3,200. Manufacturing was the only sector to lose jobs at 1,700 positions.
The New York State economy added 24,200 jobs private sector jobs in June and reached a record high of more than 7.8 million workers employed. Over the past two months the state has added 67,800 private sector jobs, the largest increase in private sector positions since February 1999.
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