According to preliminary seasonally adjusted figures released Thursday by the New York State Department of Labor, the number of private sector jobs in New York State increased over the month by 47,000, or 0.6%, to 8,346,200 in January 2024. The number of private sector jobs in the U.S. increased by 0.2% in January 2024.

New York State’s private sector jobs (not seasonally adjusted) increased by 119,500, or 1.5%, over the year in January 2024, which was less than the 1.8% increase in the number of private sector jobs in the U.S.

New York State’s seasonally adjusted unemployment rate decreased from 4.6% in December 2023 to 4.5% in January 2024. At the same time, New York State’s labor force (seasonally adjusted) decreased by 9,100. As a result, the statewide labor force participation rate decreased from 61.5% in December 2023 to 61.4% in January 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.

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 a comparison of 2022 – 2023 annual data after benchmarking, see Summary of Annual Results beginning on page 14.

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 decreased from 4.3% in 2022 to 4.2% in 2023.

Statewide Industry Employment

January 2024 – Seasonally Adjusted

• On a net basis, the total number of nonfarm jobs in the state increased by 59,300 over the month, while private sector jobs increased by 47,000 in January 2024.
• At the same time, the total number of nonfarm jobs in the nation increased by 353,000, while private sector jobs increased by 317,000.

NYS Outpaced Nation in Job Growth

Total Nonfarm and Private Sector Jobs Increased in January 2024

Total Nonfarm and Private Sector Jobs (in 1000s), January 1990 – January 2024

Statewide Unemployment

January 2024 – Seasonally Adjusted

• The statewide unemployment rate decreased from 4.6% in December 2023 to 4.5% in January 2024.
• New York City’s unemployment rate decreased from 5.3% to 5.2%. Outside of New York City, the unemployment rate held steady at 4.0% in January 2024.
• The number of unemployed New Yorkers decreased over the month by 5,700, from 444,700 in December 2023 to 439,000 in January 2024.

NYS Unemployment Rate Decreased Over the Month

Labor Force Statistics, January 2023, December 2023 – January 2024

Labor Force and Number of Unemployed Decreased in January

Total Labor Force & Number of Unemployed, January 2009 – January 2024

Unemployment Rate Decreased in NYS, Unchanged in US

Unemployment Rate, NYS & US, January 2009 – January 2024

Unemployment Rate Decreased in NYC, Held Steady in Balance of State

Unemployment Rate, NYC & BOS, January 2009 – January 2024

Substate and Industry Employment

January 2024 – Not Seasonally Adjusted

New York State Gains Private Sector Jobs Over the Year

Over-the-Year Change in Total Nonfarm & Private Sector Jobs, January 2023 – January 2024

Note: The sum of sub-state area job estimates will usually differ from the New York State total. This is because the State total is calculated separately from the sub-state areas and is estimated based on an independent sample.

Private Education & Health Services Jobs Increased by 95,400 Over the Year

Over-the-Year Change in Jobs by Major Industry Sector, January 2023 – January 2024