NYS Private Sector Employment Up 15,800 Jobs in May 2024

Unemployment Rate Holds Steady Over the Month

     According to preliminary seasonally adjusted figures released today by the New York State Department of Labor, the number of private sector jobs in New York State increased over the month by 15,800, or 0.2%, to 8,376,200 in May 2024. The number of private sector jobs in the U.S. also increased by 0.2% in May 2024.

     New York State's private sector jobs (not seasonally adjusted) increased by 126,000, or 1.5%, over the year in May 2024, which was less than the 1.6% increase in the number of private sector jobs in the U.S.

     New York State's seasonally adjusted unemployment rate held steady at 4.2% in May 2024. At the same time, New York State's labor force (seasonally adjusted) decreased by 7,800. As a result, the statewide labor force participation rate held constant at 61.3% in May 2024.

     The number of private sector jobs in New York State is based on a payroll survey of New York businesses conducted by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). Monthly payroll employment estimates are preliminary and subject to revision as more complete data become available the following month. The BLS calculates New York State’s unemployment rate based partly upon the results of the monthly Current Population Survey (CPS) of approximately 3,100 households in the State.

Note: Seasonally adjusted data provide the most valid month-to-month comparison. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month – for example, May 2023 versus May 2024.