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NY unemployment lowest in more than 7 years

The statewide unemployment rate decreased from 5.4 percent to 5.2 percent in August, reaching its lowest rate since May 2008, according to preliminary figures released Thursday by the state Department of Labor.
New York City’s unemployment rate also dropped over the month, declining from 5.7 percent to 5.4 percent, its lowest level since June 2008.

Between August 2014 and August 2015, New York state’s private sector job count increased by 163,000, or 2.1 percent. The state’s private sector job count decreased by 16,000, or 0.2 percent, to 7.8 million between July and August 2015. Since the beginning of Gov. Andrew M. Cuomo’s administration, New York’s economy has added 700,000 private sector jobs and experienced employment growth in 48 of the past 56 months.

The state’s private sector job count is based on a payroll survey of 18,000 New York employers conducted by the U.S. Department of Labor’s Bureau of Labor Statistics. Monthly payroll employment estimates are preliminary and subject to revision as more data becomes available the following month. The federal government calculates New York’s unemployment rate based partly upon the results of the Current Population Survey, which contacts approximately 3,100 households in New York state each month.