Real Estate Tops November Job Losses Despite Citywide Gains
The latest report from independent economist Barbara Denham shows that New York City gained an additional 8,700 jobs in November, but real estate was the biggest loser, with 2,000 jobs lost.
With the new numbers, the industry logged a year-to-date loss of 1,100 jobs, though Ms. Denham noted that real estate in particular can be difficult to track due to the high number of independent firms and brokers.
“I don’t think the real estate losses are anything to worry about,” she said. ““It suggests that more and more borkers are probably doing their own thing.”
Runner up for most jobs lost was the securities industry, losing 1,200, though it had posted several months of gains recently and a year-to-date gain of 1,100 jobs.
“To me that’s just the usual volatility in that industry… and I do think there are still a lot of firms downsizing,” despite the headline-grabbing expansions, Ms. Denham said.
On a seasonally adjusted basis, the total jobs in New York City was 3,989,900 in November and Ms. Denham stated that leading indicators suggest that it could top 4 million soon, though unlikely that the 11,000 balance will be made up in December, as many are temporary retail jobs that will be shed in January. But the achievable 4 million milestone would suggest employment health not witnessed since the late 1960’s.
“That’s very significant,” she said. “We employ more people than we have ever employed.”
Job gains since the last recession (August 2008 – Sept. 2009) have more than doubled losses by a ratio of 2.3, while the U.S. has only recouped approximately 80 percent of their losses, the data shows.
The top gains in November occurred in transportation/utilities and arts/entertainment/recreation, with each category growing in November by 2,900 jobs; followed by health services and educational services, which gained 2,600 and 2,500 jobs, respectively.
“New York City continues to lead the country in terms of job growth, largely due to education, healthcare, restaurants and retail,” Ms. Denham said. “New York is expanding its private education in contract to the rest of the country.”
A full list of industries tracked follows:
Transportation, Utilities +2,900
Arts, Entertainment, Recreation +2,900
Health Services +2,600
Educational Services +2,500
Food Services and Drinking Places +1,300
Retail Trade +1,200
Social Services +900
Motion Picture and Sound Recording +800
Real Estate -2,000
Advertising and Public Relations -900
Management Consulting -800
Employment Services -400
Computer Systems Design -300