Jones Lang LaSalle
Metro area added few jobs in 2005
Wednesday, February 22, 2006
By RICHARD NEWMAN
STAFF WRITER
The number of jobs in the New York metropolitan area grew in 2005, but only a tad, the federal government said Tuesday.
In a report that provides further evidence of a sluggish local economy, U.S. Labor officials counted 8,504,900 jobs in December 2005 in the area that includes New York City, North Jersey, Long Island and New York's Lower Hudson River Valley.
That was a mere 64,300 more jobs than they counted in December 2004.
The region's job growth rate of 0.8 percent in 2005 lagged well behind the national rate of 1.5 percent.
The Bergen-Hudson-Passaic area added just 2,200 jobs, a 0.2 percent increase.
"Since August, the area has not seen much job growth," said Bureau of Labor Statistics economist Martin Kohli in an e-mail.
The Newark-Union region, which includes Morris County and stretches into Pennsylvania, shed 7,500 jobs in 2005, a 0.7 percent decline. The area has lost jobs for 21 straight months, the BLS said.
New York's Lower Hudson Valley enjoyed the highest job growth. Rockland, Westchester and Putnam counties together added 11,300 jobs, a 2 percent year-over-year increase.
The New York metro area's manufacturing sector shed 13,300 jobs in 2005. Education and health services posted the largest gains, adding more than 30,000 jobs, a 2.4 percent increase. The sector that includes hotels and restaurants added nearly 16,000 jobs, a 2.6 percent gain.
During 2004 and 2005, the metro area regained about half of the jobs lost in the previous three years, while the nation as a whole has more than regained the jobs lost in the recession, the report noted.
Among the 12 largest population centers in the United States, the New York metro area ranked tenth in year-over-year employment growth. The Washington D.C., Miami and Atlanta areas ranked first, second and third, respectively.
At the bottom of the list were the Boston and Detroit areas.
Only 12th-ranked Detroit showed a net loss in jobs year over year.
E-mail: newman@northjersey.com
Copyright © 2006 North Jersey Media Group Inc.
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Metro area added few jobs in 2005
Wednesday, February 22, 2006
By RICHARD NEWMAN
STAFF WRITER
The number of jobs in the New York metropolitan area grew in 2005, but only a tad, the federal government said Tuesday.
In a report that provides further evidence of a sluggish local economy, U.S. Labor officials counted 8,504,900 jobs in December 2005 in the area that includes New York City, North Jersey, Long Island and New York's Lower Hudson River Valley.
That was a mere 64,300 more jobs than they counted in December 2004.
The region's job growth rate of 0.8 percent in 2005 lagged well behind the national rate of 1.5 percent.
The Bergen-Hudson-Passaic area added just 2,200 jobs, a 0.2 percent increase.
"Since August, the area has not seen much job growth," said Bureau of Labor Statistics economist Martin Kohli in an e-mail.
The Newark-Union region, which includes Morris County and stretches into Pennsylvania, shed 7,500 jobs in 2005, a 0.7 percent decline. The area has lost jobs for 21 straight months, the BLS said.
New York's Lower Hudson Valley enjoyed the highest job growth. Rockland, Westchester and Putnam counties together added 11,300 jobs, a 2 percent year-over-year increase.
The New York metro area's manufacturing sector shed 13,300 jobs in 2005. Education and health services posted the largest gains, adding more than 30,000 jobs, a 2.4 percent increase. The sector that includes hotels and restaurants added nearly 16,000 jobs, a 2.6 percent gain.
During 2004 and 2005, the metro area regained about half of the jobs lost in the previous three years, while the nation as a whole has more than regained the jobs lost in the recession, the report noted.
Among the 12 largest population centers in the United States, the New York metro area ranked tenth in year-over-year employment growth. The Washington D.C., Miami and Atlanta areas ranked first, second and third, respectively.
At the bottom of the list were the Boston and Detroit areas.
Only 12th-ranked Detroit showed a net loss in jobs year over year.
E-mail: newman@northjersey.com
Copyright © 2006 North Jersey Media Group Inc.
Copyright Infringement Notice User Agreement & Privacy Policy
posted by Jones Lang LaSalle NJ News Blog at 9:44 AM
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