New York City Hits Record Low 4.1% Unemployment Rate, Grows 6,000 Jobs in August 2018
74,200 private sector jobs added in twelve months ending with August 2018
New York, NY - Following last Thursday's release of the August employment report by the New York State Deparment of Labor (NYSDOL), New York City Economic Development Corporation (NYCEDC) today announced key signals that the City’s economy continues to grow, hitting a record low unemployment rate of 4.1%, the lowest since reporting began in 1976.
Based on seasonally-adjusted data, New York City added 6,100 private sector jobs in the month of August 2018. The city’s strongest gains were found in the combined sector of Education & Health Services, which added a total of 3,200 jobs last month. The Information sector also added 2,300 to payrolls in August 2018.
"This Administration is committed to creating good-paying jobs by equipping New Yorkers to work within the industries of the new economy, enabling them to access a pathway to the middle class,” said NYCEDC President and CEO James Patchett. "Our New York Works plan is paying off as we continue to hit record low unemployment and move the needle on making the city stronger and fairer for all.”
“Today, we can stand proud of attaining the lowest recorded unemployment rate since 1976,” said Council Member Paul Vallone, Chair of the Committee on Economic Development. “I look forward to continuing to work with EDC to promote initiatives and projects that will create new jobs and career paths, and continue to bolster our city’s economy.”
The (NYSDOL) releases employment data for New York City and State that it collects under a joint program with the Bureau of Labor Statistics. This information is subject to adjustment as more data becomes available.
Following the release of New York Works last June, a ten-year plan to create 100,000 good-paying jobs, the de Blasio Administration continues to champion and create accessible job growth across the five boroughs. The plan focuses on creating accessible jobs in tech, industrial, creative, life sciences, healthcare, and jobs of the future. Click here for a one-year progress report of the plan.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.