New York State’s economy added 9,800 private sector jobs in June 2021 up by 9.8 percent over the year, rising faster than the Nation’s, according to figures released by the New York State Department of Labor. The number of private sector jobs in New York State increased to 7,455,300 in June 2021. By comparison, the number of private sector jobs in the U.S. increased by 0.5 percent.
In New York City however, the job growth is sluggish as the number of positions in NYC rose by 36,600 in June, a 1 percent month-over-month rise, similar to the pace of growth since February. The growth was led by 15,700 new jobs in the leisure and hospitality sector, about half of those in food service. The unemployment rate in the city was 10.6 percent, compared to 5.9 percent for the country.
In addition to growth in the leisure and hospitality sectors, trade, transportation, and utilities added 140,800 jobs for an 11 percent bump. Manufacturing added 17,000 for 4.3 percent growth, and construction added 12,200 for a 3.4 percent bump.
For various reasons, getting people back to work has been challenging. Throw in rising consumer costs and it is clear why a post pandemic boom has yet to materialize. Under that lens New York’s numbers are trending in the right direction. It is also encouraging to see a balance in New York City. There is a manufacturing boom in the US and NYC is wisely jumping into that mix, while also continuing to grow the professional business services and information sectors.
Trucking forecasts tend the match overall US economic forecasts, and those numbers are very encouraging. The biggest concerns are the persistent shortage of drivers and supply chain delays. Spot rates are up 46.8 percent year-over-year for dry vans and 51.9 percent for flatbed freight. To truly shake off the economic rust we need to encourage more people to enter trucking.