New York state unemployment rate continues downward trend

New York’s seasonally adjusted unemployment rate fell 0.4%, from 8.2% to 7.8%, from April to May, according to a report from the Bureau of Labor Statistics. The number of unemployed New Yorkers dropped 38,500.

This improvement was slightly higher than the over-the-month national unemployment decrease of 0.3%.

The state was tied for third largest over-the-month unemployment rate decrease in the U.S., but still remains among the states with the highest level of unemployment. For context, Hawaii had the highest unemployment rate in the country in May, with a percentage of 8.1%, and New York’s rate for May was just under that, at 7.8%.

The lowest recorded jobless rates were 2.5% and 2.6%, in New Hampshire, Nebraska and Vermont.

New York, however is outpacing the 10.4% national average increase in terms of net jobs gained over the past year, with a 13.2% expansion since May 2020.

Since then, unemployment has been halved in New York, with 882,500 jobs added.

Leisure and hospitality jobs in the state have been making the biggest comeback over the past year, increasing by 59.8%. After that, retail trade and construction have been making the next-largest return, with an increase of 22.8% and 20.8%, respectively.

The Orange-Rockland-Westchester metro area is the third fastest-growing area in the state in terms of total jobs, growing by 12.8% since last year, higher than the statewide average of 11.1% jobs growth. It now has an unemployment rate of 4.7%.

Broken down by county, Westchester’s unemployment rate was 4.8% for the month of May, while Rockland was at 4.3%, Putnam was 4.2% and Dutchess was 4.4%. Orange County’s unemployment was 4.7% and Ulster’s was 4.6%, as compared with a state rate of 6.9%, not seasonally adjusted.