According to January data released by the New York State Department of Labor, the Orange-Rockland-Westchester tri-county labor market picture is largely in line with the national trend toward falling unemployment.
The tri-country region was among the fastest job-adding regions in the New York State from January 2014 to January 2015, with private-sector employment rising 1.5 percent. Employers bolstered payrolls by 8,000 during that period, and by more than 150,000 statewide.
The New York State unemployment rate remained steady in January at 5.8 percent, a number that nonetheless represents a dramatic decline from, say, November 2013, when the figure stood at 7.1 percent.
“In January 2015, New York State’s economy continued to advance, reaching an all-time high private-sector job count of more than 7.73 million. In addition, our state unemployment rate remained at its lowest level in more than six years,” said NYS Labor Department Deputy Director of Research and Statistics Bohdan M. Wynnyk,
Last week, the US Labor Department released February data pegging the national unemployment rate at 5.5 percent, reflecting job growth that exceeded many economists’ expectations. But wage gains, at 0.1%, were sluggish—if nonexistent. Indeed, wage gains have proven elusive during the recovery.
For a visual picture of unemployment in New York State, check out the Labor Department’s unemployment rate map.