Stat of the Week: 25,000 Jobs
U.S. employment gains bounced back in June with 287,000 jobs added, compared with only 11,000 in May. New York City followed the same trend, as the city added 8,800 jobs in June after 10,900 were lost in May. Over the past 12 months, the city added 80,900 jobs, but job creation slowed in the last six months, as only 41.5 percent of the growth occurred.
With all the jobs added in New York City over the past year, it’s time for a countdown of the top five industries that had the most job creation.
#5 Information Services
Year-over-year through June, this industry added 7,900 jobs to the New York City workforce. Despite a dip in May due to the Verizon strike, 44.3 percent of the jobs created occurred in the last six months. At 197,200 total jobs, this sector is at its highest level since 2001.
#4 Professional Services
Over the past year, this sector created 13,700 jobs; however, this is the first of two industries on the list to record job losses over the last six months, down 3,500 since the start of 2016. This six-month decline is due mostly to a drop of 5,100 jobs in the employment agency workforce.
#3 Leisure and Hospitality
This industry added 20,700 jobs over the past 12 months, and unlike any other group on the top five list, it added more jobs than any other sector in New York City over the last six months with 23,000. The increase since the start of the year was due to 16,200 jobs created in the food services and drinking places industries.
This industry added 21,000 jobs over the past year, but job growth slowed as only 6,600 jobs were gained in the last six months. At 676,300 jobs, this is the most jobs on record for this industry in New York City.
This sector led all industries year-over-year through June with the creation of 25,100 jobs. In spite of this, there have been 2,800 jobs shed by education since the end of 2015. This is a common trend for this industry, as over the past 10 years, June employment numbers have been down compared with the six months prior, as schools and universities reduce their workforce for the summer months.