NEW YORK – According to seasonally adjusted preliminary numbers released today by the New York State Department of Labor, the number of private sector jobs in New York State during the month increased by 19,100, or 0.2%, to 8,259,700 in March 2023. U.S. private sector jobs increased by 0.1% in March 2023.
New York State private sector jobs (non-seasonally adjusted) increased by 250,200, or 3.2%, over the year in March 2023, which outpaced the 2.8% increase in the number of private sector jobs in the United States.
The seasonally adjusted unemployment rate in New York State decreased from 4.2% in February to 4.1% in March 2023. Meanwhile, New York State’s labor force (seasonally adjusted) increased by 13,400. As a result, the labor force participation rate increased from 60.6% to 60.7% in March 2023.
The number of private sector jobs in New York State is based on the Salary Survey of New York Companies conducted by the US Department of Labor’s Bureau of Labor Statistics (BLS). Monthly employment estimates are preliminary and subject to revision with more complete data available in the following month. The BLS calculates the unemployment rate for New York State based in part on the results of the Current Population Survey (CPS) of approximately 3,100 households in the state.
Note: Seasonally adjusted data provides the most valid month-to-month comparison. Non-seasonally adjusted data is valuable in year-to-year comparisons of the same month – for example, March 2024 versus March 2023.
March 2023 – seasonally
- On a net basis, the state’s total nonfarm payrolls increased by 18,100 during the month, while private sector jobs increased by 19,100 in March 2023.
- At the same time, the total number of non-farm payrolls in the country increased by 236 thousand, while private sector jobs increased by 189 thousand.
Private sector job growth in New York State has outpaced that in the nation
Percent change during the month in total non-farm payrolls and the private sector, February-March 2023
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Total non-farm payrolls and the private sector increased in March 2023
Total Nonfarm Payrolls and Private Sector (in thousands), January 1990 – March 2023
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March 2023 – seasonally
- In March 2023, unemployment fell statewide from 4.2% to 4.1%.
- The unemployment rate in New York City held steady at 5.4%. Outside of New York City, the unemployment rate fell from 3.2% to 3.1%.
- The number of unemployed New Yorkers decreased during the month by 9,700, from 401,300 in February to 391,600 in March 2023.
The unemployment rate in New York State fell over the course of the month
Labor Force Statistics, March 2024, February – March 2023
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The labor force increased and the number of unemployed decreased in March
Total labor force and number of unemployed, January 2009 – March 2023
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The unemployment rate decreased in New York and the United States
Unemployment Rate, New York and the United States, January 2009 – March 2023
The unemployment rate is constant in New York City and is declining in the balance of the state
Unemployment Rate, NYC & BOS, Jan 2009 – Mar 2023
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March 2023 – Not seasonally adjusted
New York State has outpaced the nation in job growth in the private sector
Year-over-year change in total non-farm payrolls and the private sector, March 2024 – March 2023
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Note: The total for sub-district job estimates is usually different from the New York State total. This is because the state total is computed separately from the sub-state areas and estimated based on an independent sample.
The number of leisure and hospitality jobs increased 8.6% over the year
Year-Over-Year Change in Jobs by Major Industry Sector, March 2024 – March 2023
* Government includes public education and public health services.
Note: Responsibility for producing monthly estimates of state and metro nonfarm payrolls by industry has been transferred from the New York State Department of Labor Research and Statistics Division to the US Bureau of Labor Statistics (BLS), beginning with the March 2011 estimates. More detailed information about the change is available at BLS website.
Many economic data series have a seasonal pattern, which means they tend to occur at the same time each year (for example, retail jobs usually increase in December). Seasonal adjustment is the process of removing seasonal effects from a data series. This is done to simplify the data so that it can be interpreted more easily and to help reveal true underlying trends. Seasonal adjustment allows comparisons of data from one month to data from any other month.
In New York State, payroll data by industry comes from a monthly survey of business establishments conducted by the US Bureau of Labor Statistics. The data is preliminary and subject to review. The job data by industry does not include agricultural workers, the self-employed, unpaid family workers, or domestic workers in private households.
Labor force statistics, including the unemployment rate, for New York and every other state are based on statistical regression models specified by the United States Bureau of Labor Statistics. The state’s unemployment rate is based in part on results from the Current Population Survey, which contacts about 3,100 New York households each month.
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