2005-03-17 / Business & Finance

Head State Economist Says Labor Stats On Upswing

The Department of Labor reported new employment estimates for New York for January 2005 and revised estimates for 2003 and 2004. For January 2005, the release shows that that the pace of private employment growth quickened and the rate of un-employment fell, according to State Economist Stephen Kagann.

The statewide rate of unemployment (seasonally adjusted) tumbled from 5.6 percent in December 2004 to 5.0 percent in January 2005; the rate fell from 6.6 percent to 5.9 percent in New York City and from 4.9 percent to 4.4 percent in the rest of the state. By comparison, the US rate was 5.2 percent in January 2005.

“From January 2004 to January 2005, the statewide rate of unemployment (not seasonally adjusted) declined a significant 1.5 percent,” said Kagann. “Moreover, every county recorded a large decline in unemployment ranging from 2.9 percent in the Bronx to 0.4 percent in Putnam.”

From January 2004 to January 2005, statewide private employment rose 1.3 percent. Private jobs rose 1.3 percent in New York City, 1.5 percent on Long Island, 2.0 percent in Westchester, Rock-land and Putnam and 1.0 percent in upstate.

Most upstate regions recorded strong private-employment growth from Janu-ary 2004 to January 2005. Private jobs rose in Albany (+1.1 percent), Syra-cuse (+1.3 percent), Jamestown (+1.4 percent), the North Country (+1.6 percent) and Glens Falls (+4.4 percent). Several new regions have been created. These include Kingston (+1.7 percent) and Ithaca (+2.2 percent). Dutch-ess County and Newburgh are now combined into Poughkeepsie-New-burgh- Middletown (+2. 1 percent).

“Utica-Rome also reported a strong January 2005 with a gain of 0.9 percent in private jobs and 1.6 percent in total jobs,” Kagann added. The region’s fast growing Indian-owned enterprises are counted in the local government sector.

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