Private sector employment spiked in February, according to the New York City Economic Development Corporation, with the 21,100 jobs added more than compensating for January’s drop of 6,700. Moreover, the city’s employment to population ratio ticked up 0.1 percentage point to 58.3%, a record high.
Yet, NYC EDC also reported that 46% of net growth stemmed from educational services, “a sector that historically has exhibited high volatility in monthly employment estimates and major subsequent revisions.”
Other sectors with strong employment gains in February 2018 were healthcare and arts/entertainment. The worst performing sectors were real estate, which lost 1,400 jobs, and manufacturing, which fell by 1,000.
Unemployment in New York City fell to a record low 4.2% in February, down 0.4 percentage points from a year ago. “The city’s trend is in keeping with the nation’s; U.S. unemployment was 4.1% in February 2018,” according to NYC EDC.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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