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New York is outpacing the US in jobs gained; unemployment sits at 12.5%

The state’s Department of Labor says New York’s unemployment rate has fallen to 12.5%.

It marked the fourth consecutive month of job gains – highlighted by 1.4% growth in private sector jobs.

Finger Lakes Partners (Billboard)

Officials said private sector jobs in the state increased by 96,300 in the month of August.

This represents the fourth straight month of job gains for the Empire State. New York’s private sector job count outpaced the nation’s private sector job growth — 0.9% in August 2020 — for the third month in a row.

New York State’s seasonally adjusted unemployment rate decreased from 15.9% to 12.5% in August 2020. In August 2020, the number of unemployed New York State residents decreased by 339,000, while labor force levels decreased by 86,700.

The number of private sector jobs in New York State is based on a payroll survey of 18,000 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.

Finger Lakes Partners (Billboard)