NYS economy adds 27,200 private sector jobs, reduces unemployment rate

New York State Economy has added not less than 27,200 Private Sector Jobs.

This was disclosed in a statement on Thursday June 16, 2022.

According to the statement, the addition in May 2022, caused a drastic reduction in the unemployment rate from 4.5% to 4.4% over the month

“The number of private sector jobs in New York State increased over the month by 27,200, or 0.3%, to 7,970,300 in May 2022,” the New York State Department of Labor said in a statement.

“The number of private sector jobs in the U.S. also increased by 0.3% in May 2022.”

New York State’s private sector jobs (not seasonally adjusted) increased by 436,500, or 5.8%, over the year in May 2022, which exceeded the 5.0% increase in the number of private sector jobs in the U.S.

From May 2021 to May 2022, the unemployment rate (not seasonally adjusted) fell from 7.0% to 4.1%.

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.