According to preliminary 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 29,400, or 0.4%, to 7,323,500 in January 2021. By comparison, the number of private sector jobs in the U.S. increased by less than 0.1% in January 2021.
In addition, New York State’s seasonally adjusted unemployment rate increased from 8.7% to 8.8% in January 2021.
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.
Jobs data are revised at the end of each year for all states and the nation as more complete information becomes available from employers’ Unemployment Insurance records. This process is called “benchmarking” and is federally mandated. For more details, see Annual Benchmark Analysis (opens in new window).
Labor force data, including unemployment rates, are also revised at the end of each year, using methods established by the U.S. Bureau of Labor Statistics. The revised labor force data show that New York State’s annual average unemployment rate increased from 3.8% in 2019 to 10.0% in 2020.