Local Labor Market Conditions - 2020 Regional Labor Review

LOCAL LABOR MARKET CONDITIONS

2020

Regional Labor Review

18

NYC

Figure 1. Unemployment Rates in U.S., NYC & Long Island, 2019-2020 (% monthly, seasonally adjusted)

16

US

14

12

Long Island

10

8

6

4

2

0

A 2019

M

J

J

A

S

O

N

D

J 2020

F

M

A

M

Figure 2. U.S. Unemployment Rates, by Age, Race/Ethnicity, Educ. & Occ., May 2019-2020 35.0 30.7

Unemployment Rate (%, nsa)

30.0 23.6

25.0 20.0 16.5 15.0

17.2

17.1 15

14.8 12.8

12.1

10.0

7.2

5.9 5.0

3.0

2.3

3.7

3.3

6.6 4.1

4.0 2.0

1.7

0.0

2019

2020

Fig. 3: Unemployment Rate (%), NYC & 20 Other Largest Metros, May 2020 25

Unemployment Rate, %

20

15

10

23.7

19.1 15.3 15.2 15.1 14.9

13.9 13.6 13.4 13.3 13.1 12.7 12.3

11.2 11.2

10.4 10.4 10.3

9.5

9

8.3

5

0

2

Figure 4 NYC Job Changes by Industry: May 2019 – May 2020 (in thousands of jobs, & % change)

0 -6.6% -17.3%

-4.9%

-50

Govt -100

-55.5%

Wh. Trade

-25% TWU

-25.7%

-4.9%

Manf.

Const.

Info

FIRE -23.7% -13.6%

Retail

-150

-11%

Profsnl Srvcs

Jobs

Educ+ Health

-200

-250

Leisure + Hospitality

-300

-67% -350

Figure 5 Long Island Job Changes by Industry: May 2019 – May 2020 (in thousands of jobs & % change)

0 -8.8%

-10 -20

GOVT -30 Jobs -40 -50 -60 -70 -80

-11-6%

-6.9% -20.4% Constcn.

Info

-17.3%

Wholesale Trade

-6.2%

Manf.

FIRE

-35..4% TWU

-21.3% Retail

-12.9% Prfsnl Srvcs

-12.6% Ed+ Health Leisure+ Hospitality

-56.3%

3

.Figs 4-5 Source: NYS Dept. of Labor: nonfarm payroll job data from CES establishment survey in Nassau & Suffolk counties.

Year-to-year changes, not seasonally adjusted. Note: FIRE = Finance, Insurance & Real Estate; TW U= Transport, Warehousing & Utilities.

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Table 1: International Unemployment, April 2019-2020 U.S., Canada & Western European Nations

country U.S. Canada Japan S. Korea European Union Denmark France Germany Italy Netherlands Portugal Sweden

Unemployment Rate (%) April April 2020

2019

14.7% 13.0 2.6 3.8

3.6% 5.7 2.4 4.0

6.6 4.6 8.7 3.5 6.3 3.4 6.3 7.9

6.4 5.3 8.7 3.2 10.2 3.3 6.7 5.9

source: OECD Short-term Labour Force Statistics (2020): https://stats.oecd.org. Limited to countries with available April data. Harmonized country rates.

Table 2: Number of Nonfarm Jobs: New York City, Long Island & All U.S., 2019–2020

U.S. NY State NYC Long Island

(in thousands, not seasonally adjusted) May 2019May April May April 2020 2020 2019 2019 Net Chg 133,342 131,071 151,109 150,430 -17,767 8,048.7 7,889.4 9,829.1 9,784.5 -1,780 3,777.0 3,756.9 4,657.5 4,648.7 -881 -252 1,106.3 1,056.6 1,358.7 1,348.8

% Chg -11.8 -18.1 -18.9 -18.6

Table 2 Source: Establishment survey data from US Department of Labor.

Note that data reflect regular revisions by Dept. of Labor.

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Table 3: Civilian Labor Force, Employment & Unemployment (in thousands, not seasonally adjusted)

Labor Force

Employed

Unemployed

Unemp. Rate

May

May

May

May

May

May

May

May

2020

2019

2020

2019

2020

2019

2020

2019

AREA U.S. NYS NYC Bronx Brooklyn Manhattan Queens Staten Island

157,975 9,063 3,655.5 551.1 1,076.4 781.5 1,051.1 195.4

162,655 9,457 4,052.5 593.8 1,193.7 908.8 1,134.9 221.3

137,461 7,774 2,992.0 432.3 880.5 674.2 841.9 163.1

157,152 9,112 3,897.5 563.6 1,146.5 877.6 1,096.8 213.1

20,514 1289.1

5,503 345.1

13.0% 14.2

3.4% 3.6

663.5 118.8 195.9 107.3 209.2 32.3

155.0 30.2 47.2 31.2 38.1 8.2

18.2 21.6 18.2 13.7 19.9 16.5

3.8 5.1 4.0 3.4 3.4 3.7

LONG ISLAND Nassau Co. Suffolk Co.

1,470.5 700.8 769.6

1,479.0 705.8 773.2

1,290.7 616.5 674.2

1,431.8 683.6 748.2

179.8 84.3 95.4

47.2 22.2 25.0

12.2 12.0 12.4

3.2 3.1 3.2

Table 3 Source: CPS household survey data from NYS Dept. of Labor. Data reflect their regular revisions.

Table 4: NYC Unemployment & Labor Force Non-Participation Rates,

by Race, Hispanic Origin & Sex: Feb-May 2020 Unemployed (%) Characteristic Whites Blacks Asians Hispanics Men Women

Feb 2020 2.0 4.6 3.4 5.2 3.5 3.5

May 2020 11.8 23.5 25.6 25.1 21.5 18.1

Not in Labor Force (%) Feb 2020 35.4 40.0 38.1 42.4 31.0 45.1

May 2020 42.5 52.6 49 45 37.7 53.6

source: NY Dept. of Labor & NYC Comptroller

REGIONAL LABOR REVIEW, vol. 22, no.2 (Spring/Summer 2020). © 2020 Center for the Study of Labor and Democracy, Hofstra University 6