The City added 14,100 private sector jobs between May and June (not seasonally adjusted). This was in line with its 10-year average gain of 14,200. Employment was particularly weak in financial activities and manufacturing, while leisure and hospitality and transportation, warehousing and utilities exhibited above-average hiring. The City�s over-the-year private sector growth rate (+0.6 percent) in June exceeded the comparable rate for the state (+0.2 percent) and the nation (-0.4 percent). For the latest three months, New York City�s private sector employment averaged 3,217,900, a gain of 0.9 percent from the same period a year ago.

The City experienced normal seasonal hiring activity in June with tourism remaining an area of strength. Despite that, the City�s overall economic picture continues to weaken, with growth in most sectors slowing. Although it doesn�t change the overall economic picture, much attention will probably be paid to the fact that financial activities finally shifted to an over-the-year employment loss this month. Of more importance is the growing negative impact on the airline industry from this year�s 50 percent jump in the price of oil. Rising air fares and signs of economic weakness in Europe may also affect our tourism industry going forward.

The City�s unemployment rate climbed to 5.3 percent in June from 4.8 percent in May and 5.0 percent a year earlier. The less erratic 3-month average was 4.9 percent up from 4.7 percent for the same period last year. As the economy has slowed the unemployment rate has been trending higher despite sharp month-to-month fluctuations.
 

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