NYC Quarterly Labor Market Brief

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1 New York City NYC Quarterly Labor Market Brief Employment and labor force highlights in New York City and its five boroughs This brief was prepared for the New York City Workforce Funders by NYCLMIS CUNY Graduate Center New York, NY

2 New York City Quarterly Brief In This Issue Contents NEW YORK CITY... 3 THE BRONX BROOKLYN MANHATTAN QUEENS STATEN ISLAND GLOSSARY About This quarterly report provides education and workforce development professionals with timely data about jobs, industries, in-demand skills, and workers in NYC and its five boroughs. This report is made possible with the generous support of the New York City Workforce Funders. The Center for Urban Research (CUR) at the CUNY Graduate Center undertakes basic research addressing the issues facing New York and other large cities. A common thread in CUR activities is to understand the broad forces shaping patterns of inequality, inter-group relations, and neighborhood life in large urban areas and how these trends influence and are influenced by political participation, civic engagement, and the role of government. CUR has three operating units: the CUNY Data Service, the CUNY Mapping Service, and the New York City Labor Market Information Service (NYCLMIS). The NYCLMIS at the City University of New York Graduate Center is the only outfit in New York City fully dedicated to collecting, analyzing, and applying labor market intelligence to strengthen the labor market. We are a CUNY-affiliated labor market research and consulting nonprofit. We are dedicated to rigor, close collaboration, and contributing to a healthy economy. We help organizations, institutions, and programs who share these values to harness labor market information for maximum impact. 2

3 New York City Quarterly Brief Labor Market Highlights 3.9% 4.5M 224.7K Unemployment Oct 2018 Jobs Citywide Oct 2018 Job Ads Posted Online (Jul - Sep) NEW YORK CITY New York City Labor Market Information Service 3

4 New York City Quarterly Brief New York City Unemployment 3.9% Citywide Unemployment Rate (UR) Oct 2018 Percentage Point Decline in the UR Oct Oct 2018 Percentage Point Decline in the UR Jul Oct 2018 Year-over-year (YOY), the unemployment rate (UR) for the city continues its years-long decline. Each borough follows a similar trajectory. The UR edged down following an uptick in the summer months. NYC Unemployment Rate by Borough Oct Oct % The UR declined YOY as employment gains outpaced new entrants to the labor force. Jobs growth and a smaller labor force lowered the UR over-thequarter. Unemployment in the Labor Force Labor Force 4.4K 4.2K 4.0K Oct-18 LF 5.5% NYC 4.4% 4.5% NYC 3.9% Bronx Brooklyn 3.8K Oct-17 Jul-18 Oct-18 Employment Unemployment UR = Total Unemployed (U) / Labor Force (LF) LF = Total Employed (E) + Total Unemployed (U) Citywide jobless rate lagged slightly behind the state and nation. NYC UR Compared to New York State and US Oct % Staten Island Queens Manhattan 0% 1% 2% 3% 4% 5% 6% New York City 3.9% New York State 3.6% US 3.5% 2.5% Sources NYC & NYS data: Local Area Unemployment Statistics, New York State Department of Labor. Not seasonally adjusted. US data: Bureau of Labor Statistics, Current Population Survey. Not seasonally adjusted. See the Glossary on page 41 for details on seasonal adjustment. 4

5 New York City Quarterly Brief New York City Employment 4.5M 64.5K +1.7% Total Nonfarm Jobs Oct 2017 Oct 2018 Net Gains in Private Jobs Oct 2017 Oct 2018 Private Job Growth Oct 2017 Oct 2018 There are roughly 4.5M jobs in New York City. Total employment grew by 67.9K jobs (or 1.5%) over-theyear. With few exceptions, the city s largest sectors added the most to their payrolls. Government continues to shed jobs. Arts, Entertainment and Recreation, the City s 15 th largest sector, experienced rapid job growth. It ranked fifth in job creation. Sector Job Counts and Gains & Losses Oct 2017 Oct K 1.0M 1.5M 2.0M 2.5M 3.0M 3.5M 4.0M 4.5M Sector Sector Job Count Health Care & Social Asst K Government 553.1K Prof, Scientific & Tech. Svcs K Accommodation & Food Svcs K Retail Trade 355.9K Finance & Insurance 339.6K Educational Services 262.6K Temp. Help & Waste Svcs K Information 199.6K Other Services 197.3K Construction & Mining 160.8K Wholesale Trade 145.6K Real Estate Rental & Leasing 133.8K Transport. & Warehousing 123.3K Arts Entertainment & Rec. 96.0K Company Headquarters 73.5K Manufacturing 72.3K Utilities 15.7K 12 month change 33K jobs or 4.3% -700 jobs or -0.1% 10K jobs or 2.4% 6K jobs or 1.5% 3K jobs or 0.8% 900 jobs or 0.3% 6K jobs or 2.4% 1K jobs or 0.5% -700 jobs or -0.4% 5K jobs or 2.5% 4K jobs or 2.6% 200 jobs or 0.1% -2K jobs or -1.5% -2K jobs or -1.9% 5K jobs or 5.2% -400 jobs or -0.5% -100 jobs or -0.1% 100 jobs or 0.6% NYC outpaces the state but not the nation in private-sector job growth. Private Sector Growth by Location Oct Oct 2018 (in percentage points) In Oct 2018, there were About Were in these 4.5 Million NYC Jobs. 3 in 5 Jobs 6 Largest Sectors: Health Care Government Professional services Accommodation & food services Retail trade 2.0 New York City New York State U.S. 17% 12% 9% 8% 8% 7% Finance & insurance Sources NYCLMIS analysis of Current Employment Estimates, New York State Department of Labor and US Bureau of Labor Statistics. Data not seasonally adjusted. See the Glossary on page 41 for details on seasonal adjustment. New York City Labor Market Information Service 5

6 . New York City Quarterly Brief New York City Online Job Ads 224.7K 12% 40% Job Ads 1 Posted Online (Jul - Sep) Of Online Job Ads Explicitly Sought Candidates with Less Than a Bachelor s Degree Of Online Job Ads Explicitly Sought Candidates with Bachelor s Degrees or Higher Most jobs advertised online were based in Manhattan. Online Ads by Borough 82% 8% 5% Manhattan Brooklyn Queens 3% 1% In this period, monthly ad volume peaked in July. Distribution of Online Ads by month 0% SEP 2018 AUG 2018 JUL % 32% 38% Bronx Staten Island Employers may face hiring difficulty for these in-demand occupations. These are the 10 highest volume occupations in NYC that take the longest to fill, ranked by Ad Volume, with Days to Fill and Salary Estimates Days to Fill Occupation Office and Administrative Support Supervisors Nannies Personal Care Aides Administrative Services Managers Physicians and Surgeons, All Other Educational, Guidance, School, and Vocational Counselors Social Workers, All Other Internists, General Mental Health Counselors Social and Human Service Assistants # Ads 2.8K 2.2K 2.0K 1.4K 1.2K Ann. Salary $70.3K $28.3K $25.9K $137.9K $179.1K $72.2K $69.0K $196.8K N/A $36.6K 1 An ad is not a job opening. Some postings advertise several openings while others search for talent not connected to a specific opening. Still, this measure is among the best available for indicators of future hiring. Source NYCLMIS analysis of Labor Insights Burning Glass Technologies. 6

7 New York City Quarterly Brief Interpersonal, administrative, business, and tech-related skills ranked among the top 10 skills employers mentioned the most. Share of Total Online Ads (Jul - Sep) 0.0% 15.0% Customer Service Scheduling Project Management Sales Budgeting SQL Customer Contact Social Media Staff Management Java 5.0% 4.7% 4.6% 5.8% 5.6% Only 14% of ads specified certifications. Health, business, IT, and other professional certifications ranked among the top 10 online job ad mentions. 1 Share of Total Online Ads 10.2% 10.0% 10.0% 9.8% 11.6% n = 224,720 Certification % Total Ads Registered Nurse 1.6% Certified Public Accountant (CPA) 1.3% Project Management Certification 0.9% Series 7 0.6% First Aid CPR AED 0.6% Project Management Professional (PMP) 0.5% Board Certified/Board Eligible 0.5% IT Infrastructure Library (ITIL) Certification 0.5% Licensed Master Social Worker (LMSW) 0.5% A majority of ads that specified education preferences sought candidates with a bachelor s degree. Share of Total Online Ads Not specified 48% Graduate 4% Advertised Education Requirements Large employers in health, education, finance, and hospitality ranked among the top 10 who posted the most ads. Share of Total Online Ads JP Morgan Chase Company 0.7% NYU Langone Medical Center 0.6% Columbia University 0.6% NewYork-Presbyterian Hospital 0.5% Citi 0.4% IBM 0.4% Morgan Stanley 0.4% Marriott International Incorporated 0.3% Mount Sinai 0.3% CUNY High school 10% Some college/ associate 2% Bachelor's 36% n = 224, % 1.5% 1.2% n = 224,720 Advanced Cardiac Life Support (ACLS) Certification 0.4% 1 Excludes driver s licenses from results. Source NYCLMIS analysis of Labor Insights Burning Glass Technologies. New York City Labor Market Information Service 7

8 New York City Quarterly Brief These are the occupations advertised the most online in New York City this quarter. Organized by Typical Education Requirements % Total Ad. Volume for City NYC Annual Median Wage BACHELOR S DEGREE App Developers Computer Occs., All Other Mgrs., All Other Marketing Mgrs. Registered Nurses 5.5% 4.2% 3.6% 2.3% 2.1% $111.8K $89.8K $111.9K $181.6K $85.0K ASSOCIATE DEGREE Web Developers Paralegals & Legal Assts. Preschool Teachers Engineering Techs Human Resources Assts. 1.4% 0.6% 0.3% 0.1% 0.1% $75.6K $54.1K $35.2K $59.9K $43.9K SOME COLLEGE OR POSTSEC CERT. Tech Support Specialists Bkpg & Accounting Clerks Heavy Truck Drivers Health Information Techs LPNs 1.0% 0.9% 0.5% 0.4% 0.3% $55.2K $44.0K $47.0K $44.4K $48.3K HIGH SCHOOL DIPLOMA OR EQUIV. Sales Reps, Wholesale & Mfg. Secys & Admin. Assts. Customer Service Reps. Childcare Workers Retail Sales Supervisors 3.5% 1.6% 1.6% 1.1% 1.0% $60.2K $40.4K $37.7K $26.5K $44.6K NO FORMAL EDUCATION Retail Salespersons Waiters & Waitresses Food Preparers & Servers Janitors & Cleaners Maids & Housekeeping Cleaners 1.7% 0.4% 0.4% 0.3% 0.3% $23.9K $25.3K $22.7K $30.8K $29.0K n = 224,720 Sources NYCLMIS analysis of Labor Insights Burning Glass Technologies; Occupational Employment Statistics, 2018 Q1, New York State Department of Labor. Educational requirements are based on survey data collected by the US Bureau Labor of Statistics. 8

9 New York City Quarterly Brief New York City Workforce Demographics 23% 28% 18% Of Working Residents are 29 Years of Age or Younger Of Working Residents have a Bachelor s Degree or Higher Of Working Residents Earn Less Than $1,251/Month Resident Worker Age Distribution Resident Worker Education Distribution Age 29 or younger Age % 56% 30% 25% 20% 15% 10% 5% 11% 16% 22% 28% Age 55 or older 0% Less than high school High school or equiv. Some college or associate Bachelor's or greater 21% Resident Worker Income Distribution M Earn more than $3,333/m 51% Commuting Patterns Work here Live outside 485.6K Live here Work outside 18% 32% Earn between $1,251 - $3,333/m Earn less than $1, M Live & work Here Source OnTheMap, U.S. Census Bureau, Center for Economic Studies. Focus on primary jobs. This is the latest year available for this source. New York City Labor Market Information Service 9

10 New York City Quarterly Brief This page is blank intentionally. 10

11 Glossary Quarterly Brief Glossary Job This is a broad term used to describe positions filled by employers. Depending on the context, it may be used interchangeably with occupations. Labor Force This term includes people of working age who are either employed or are unemployed and actively job searching. Occupation Sometimes used interchangeably with job, this term describes standardized, detailed groupings of workers who carry out similar activities. Occupations are organized based on the work performed, and sometimes on skills, education, and training requirements. Online Job Ads Jobs posted online give a window into employers talent demands in real-time. There are some limitations to this data. Some employers and industries are better represented online than others, depending on how much they rely on the internet to recruit talent. Also, the ratio of online ads to actual job openings is not always 1:1. Some postings may include multiple openings while others may be searching for talent not connected to any one opening. Sector This term describes standardized broad groupings of employers by economic or commercial activity. Specialized Skills These refer to the training and knowledge required to do perform a specific job. This information offers an indication of the type of work that is in-demand across sectors and occupations. It can also help jobseekers gauge their ability to compete in the labor market. Seasonal Adjustment This describes the removal of seasonal hiring variations (e.g., holidays, school schedules, agricultural patterns, etc.) to reveal underlying economic trends. This technique is helpful when evaluating data over several years. This report present data that are not seasonally adjusted in order to reveal times of the year that are more and less favorable for hiring. Unemployment Rate (UR) This is the number of people who are unemployed and actively job searching divided by the size of the labor force. This does not include people who are marginally attached to the labor force or discouraged from participating in it. Questions about this report? Contact: Pam Hoberman phoberman@gc.cuny.edu A special thanks to NYCLMIS staff Kathleen Flandrick, Jaclyn Kelly Ronnie Kauder, and You Zheng for their valuable contributions to this report. Assorted icons by Freepik and Neal Creative. NYC map design by Scott Citron. New York City Labor Market Information Service 41

12 Staten Island Quarterly Brief NEW YORK CITY LABOR MARKET INFORMATION SERVICE CUNY GRADUATE CENTER 365 FIFTH AVENUE, ROOM 6202 NEW YORK, NY

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