New Employment Data Cites More Growth: Economist
New statistics from the New York State Department of Labor indicate that the tempo of economic growth continues to pick up in most regions of the state.
According to State Economist Step-hen Kagann, from February 2004 to February 2005 statewide private em-ployment rose 1.2 percent. Over this period, gains were recorded in New York City (+1.2 percent), the suburbs (+1.7 percent) and upstate (+0.8 percent). And while the job base expanded, unemployment declined, said Kagann.
"Over the 12 months, the statewide rate of unemployment (not seasonally adjusted) declined from 6.7 percent to 5.6 percent," said Kagann, "and every area and county in the state contributed to the decline."
The City's private job gains were led by a wide range of industries: retail (+4.1 percent), air transportation (+3.6 percent), publishing (+1.3 percent), motion pictures and video (+4.1 percent), telecommunications (+1.6 percent), financial activities (+1.0 percent), health and social services (+2.3 percent).
Within finance, securities and commodities was particularly strong (+4.9 percent), according to the economist. "Tourism continues to drive large gains in leisure and hospitality," he said.
Construction turned positive (+0.3 percent) led by building construction (+4.4 percent). Manufacturing jobs declined (-6.5 percent).
Private employment grew throughout the suburbs with gains of 1.5 percent on Long Island and 2.2 percent in Westchester, Rockland and Putnam. Nearly all private sector industries, including manufacturing, contributed to the suburban expansion, said Ka-gann.