NYS Economy Loses More Than 1.7 Million Private Sector Jobs in April 2020

Posted to Applied Web NY on Thu, 05/21/2020 - 20:32

According to the preliminary results from the U.S. Department of Labor’s business and household surveys for April 2020, the number of private sector jobs in New York State decreased over the month by 1,764,600, or 21.4 percent, to 6,467,600. This was the state’s largest monthly employment drop on record. Just under one-third of the monthly jobs decline occurred in leisure and hospitality (-577,700), mostly in accommodation and food services (-471,400).

In April 2020, New York State's seasonally adjusted unemployment rate increased from 4.1% to 14.5%. This change (+10.4 percentage points) was the state’s largest recorded monthly increase since current record keeping began in 1976. In addition, the number of unemployed New York State residents increased by 931,600, while the labor force dropped by 307,600 – both monthly records.

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. Monthly payroll employment estimates are preliminary and subject to revision as more data become available the following month. The federal government calculates New York State’s unemployment rate based partly upon the results of the Current Population Survey, which contacts approximately 3,100 households in the State each month.

Note: Seasonally adjusted data are used to provide the most valid month-to-month comparison. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month – for example, April 2019 versus April 2020.

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