Jones Lang LaSalle
New York City added more jobs last year
by Tom Fredrickson
March 08, 2006
The city economy added 49,000 jobs last year, nearly 50% more than previously released figures, and job growth has quickened in early 2006.
The New York City economy created 49,000 jobs last year, nearly 50% more than previously released figures, and job growth has accelerated in early 2006.
The new numbers, an annual monthly average, reflect the state Department of Labor’s major annual revision released Wednesday. Previous numbers indicated the economy had gained about 35,000 jobs in 2005.
Separately, the Labor Department reported that the city’s seasonally adjusted unemployment rate stood at 5.6% in January, down from the 5.8% rate in December.
While upward revisions of jobs figures are normal during times of economic growth due to the undercounting of hiring at small firms, the changes came in at the high side of expectations, said James Brown, an economist with the state Department of Labor.
The increases may boost demand for office space, especially benefiting the city’s real estate industry.
"It will certainly encourage people to push forward with various office projects," Mr. Brown said. "This is perfect news for them -- job growth is stronger than we thought and it’s concentrated in the office industries of professional services and finance."
Several job categories saw big seasonally adjusted revisions, according to Barbara Byrne Denham, economist with Jones Lang LaSalle. Accounting saw an increase of 4,000 accountants compared to the zero change previously reported. Social services gained 5,200, compared to a 2,800 gain. Commercial banking gained 2,600 versus a previously reported drop of 900.
The gains picked up steam in January 2006, when the city added 25,000 jobs on a seasonally adjusted basis, Ms. Denham said. The unusually large gain is somewhat distorted because of the relative weakness in the December job numbers and by increases from unseasonably warm weather in January. Still, the two-month average gain of 15,000 jobs was quite strong, she said.
New York City added more jobs last year
by Tom Fredrickson
March 08, 2006
The city economy added 49,000 jobs last year, nearly 50% more than previously released figures, and job growth has quickened in early 2006.
The New York City economy created 49,000 jobs last year, nearly 50% more than previously released figures, and job growth has accelerated in early 2006.
The new numbers, an annual monthly average, reflect the state Department of Labor’s major annual revision released Wednesday. Previous numbers indicated the economy had gained about 35,000 jobs in 2005.
Separately, the Labor Department reported that the city’s seasonally adjusted unemployment rate stood at 5.6% in January, down from the 5.8% rate in December.
While upward revisions of jobs figures are normal during times of economic growth due to the undercounting of hiring at small firms, the changes came in at the high side of expectations, said James Brown, an economist with the state Department of Labor.
The increases may boost demand for office space, especially benefiting the city’s real estate industry.
"It will certainly encourage people to push forward with various office projects," Mr. Brown said. "This is perfect news for them -- job growth is stronger than we thought and it’s concentrated in the office industries of professional services and finance."
Several job categories saw big seasonally adjusted revisions, according to Barbara Byrne Denham, economist with Jones Lang LaSalle. Accounting saw an increase of 4,000 accountants compared to the zero change previously reported. Social services gained 5,200, compared to a 2,800 gain. Commercial banking gained 2,600 versus a previously reported drop of 900.
The gains picked up steam in January 2006, when the city added 25,000 jobs on a seasonally adjusted basis, Ms. Denham said. The unusually large gain is somewhat distorted because of the relative weakness in the December job numbers and by increases from unseasonably warm weather in January. Still, the two-month average gain of 15,000 jobs was quite strong, she said.
posted by Jones Lang LaSalle NJ News Blog at 2:34 PM
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