New York City Economic Development Corporation (NYCEDC) today announced key signals that New York City’s economy is thriving, hitting a record low unemployment rate of 4.2%, the lowest since 1976, which is the earliest available data from the New York State Department of Labor (NYSDOL).
Based on seasonally-adjusted data, New York City added 21,000 private sector jobs in the month of February 2018. New York City’s wages also grew in February 2018, with average weekly earnings rising 1.3%, adjusted for inflation, from February of last year.
The city’s strongest gains were found in the combined sector of education & health services, which added a total of 14,100 in February 2018. Leisure & hospitality also added 3,200 to payrolls in February 2018.
“This Administration continues to do everything it can to create new economic pathways for New Yorkers,” said NYCEDC President and CEO James Patchett. “Our New York Works plan is focused on investing in industries of the future, paired with strategic workforce development programs to equip New Yorkers of every background with new skills and opportunities to access good-paying jobs.”
The New York State Department of Labor (NYSDOL) releases employment data for New York City and State that it collects under a joint program with the Bureau of Labor Statistics. This information is subject to adjustment as more data becomes available.
With the release of his New York Works plan to create 100,000 good jobs over the next ten years, Mayor de Blasio continue to champion accessible job growth across the five boroughs. In January, the City launched a global challenge create a new applied life sciences hub in New York City, part of the Administration’s LifeSci NYC plan to create 16,000 jobs.
The de Blasio Administration is also focusing on growing the city’s cyber security industry through its Cyber NYC initiatives, which will create 10,000 high-quality jobs. Since launching the initiative, a swell of international companies have made the decision to expand and create cyber security jobs in New York City.
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