March 2011
Prepared by Gregory Heym Chief Economist, Brown Harris Stevens
NYC Unemployment Rate Holds At 8.9%
• New York City’s unemployment rate was unchanged in February, at 8.9%.
• For the first time since June of 2010, the NYC and national rates were the same. The city’s rate had been lower than the national rate for the prior seven months.
• The national unemployment rate has fallen almost a full percent since November of last year.
Finance Hiring Picks Up in NYC
• New York City payrolls rose by almost 37,000 over the past 12 months, helped by increased hiring in the financial sector.
• During the 12 months ending February 2011 the finance sector added 10,700 jobs, its best year-over-year gain since March 2007.
• Education and health services, and professional and business services were the leaders in job growth, each adding over 16,000 jobs over the past year.
• Job losses continue to be led by the government, manufacturing and construction sectors.
| INDUSTRY |
FEB-11
|
FEB-10
|
NET CHANGE
|
PERCENT CHANGE
|
| Education and Health Services |
770.5
|
754.2
|
16.3
|
2.2%
|
| Professional and Business Services |
579.0
|
562.9
|
16.1
|
2.9%
|
| Financial Activities |
433.6
|
422.9
|
10.7
|
2.5%
|
| Leisure and Hospitality |
310.6
|
304.1
|
6.5
|
2.1%
|
| Trade, Transportation, and Utilities |
551.5
|
545.5
|
6.0
|
1.1%
|
| Information |
164.9
|
161.3
|
3.6
|
2.2%
|
| Other Services |
159.0
|
158.8
|
0.2
|
0.1%
|
| Manufacturing |
73.6
|
75.8
|
-2.2
|
-2.9%
|
| State Government |
46.0
|
48.2
|
-2.2
|
-4.6%
|
| Federal Government |
51.5
|
53.9
|
-2.4
|
-4.5%
|
| Local Government |
448.5
|
455.4
|
-6.9
|
-1.5%
|
| Natural Resources, Mining and Construction |
98.7
|
107.7
|
-9.0
|
-8.4%
|
| Total |
3,687.4
|
3,650.7
|
36.7
|
1.0%
|