ALBANY — According to preliminary seasonally adjusted figures released today by the New York State Department of Labor, the number of private sector jobs in New York State increased over the month by 3,700 to 8,063,300 in October 2022. The number of private sector jobs in the U.S. increased by 0.2 percent in October 2022.
New York State’s private sector jobs (not seasonally adjusted) increased by 306,400, or 3.9 percent, over the year in October 2022, which exceeded the 3.8 percent increase in the number of private sector jobs in the U.S.
New York State’s seasonally adjusted unemployment rate increased from 4.3 percent in September to 4.4 percent in October 2022. At the same time, New York State’s labor force (seasonally adjusted) increased by 15,000. As a result, the labor force participation rate went up from 60.3 percent in September to 60.5 percent in October 2022, matching its highest rate since March 2020.
The number of private sector jobs in New York State is based on a payroll survey of New York businesses conducted by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). Monthly payroll employment estimates are preliminary and subject to revision as more complete data become available the following month. The BLS calculates New York State’s unemployment rate based partly upon the results of the monthly Current Population Survey (CPS) of approximately 3,100 households in the State.
Seasonally adjusted data are used to provide the most valid month-to-month comparison. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month – for example, October 2021 versus October 2022.
