Posted by Jonathan J. Miller -Wednesday, March 14, 2012, 7:25 PM
While there has been a smattering of good economic news as of late, the local outlook in New York City employment situation is showing some vigor.
Barbara Byrne Denham, Chief Economist at Eastern Consolidated, shares her seasonally adjusted NYS Dept of Labor sourced good news (I’ve long been a fan of her employment analysis):
It is an understatement to say that these gains exceeded all expectations. Most have been concerned about Wall Street layoffs when in reality the industry added jobs steadily over the last two years. In fact, at 172,600 jobs, the securities industry is only 16,400 jobs off its peak of January 2008.
Since bottoming in September 2009, New York City has added 156,400 jobs, a growth rate of 4.3%. The private sector has added 165,500 jobs, a growth rate of 5.3%. At the national level, the U.S. has added 3.17 million jobs since the trough of February 2010, a growth rate of 2.4%; the national private sector has grown by 3.66 million jobs or 3.4%.
Consistent employment gains eventually lead to improved housing demand. However construction employment lags, but professional services are up.
But it’s a dose of good news and we’ll take it.
NYC Employment Alert January 2012 [Eastern Consolidated]