UNEMPLOYMENT RATE DOWN

In a series of articles, The Journal News has reported in July & August, 2014, a significant increase in job growth. In USA Today, The Journal News on July 31, 2014 published an article “U.S. Economy Gains Steam” after five years of slow growth from the recession ending in 2009. The United States economy is reaching “take off speed”. In July, 2014, a number of economic data was released. The nation’s economy grew at a 4% yearly rate. The economy’s dismal first quarter of 2014, battered by winter, was less of a disaster than first reported. The private sector added more than 200,000 jobs for the fourth straight month in June, pursuant to ADP. The US had added 1.5 million jobs in the past six months. Consumer confidence reached a 7 year high in July, 2014. The Chief Economist of “Moody’s” Analytics expects the economy to grow about 3.% in the rest of 2014 and 3.7% down in 2015, up from 2.2% annual rate. In the five year recovery, this growth is being accomplished despite the housing sales slowing from 2013. The national unemployment rate fell to 6.1% from 7.5% a year ago and inflation was at an annual rate of 2%,

On July 28, 2014, The Westchester County Business Journal reported “Job growth slow, jobless rate static in Hudson Valley”. Private sector employment gains in Westchester, Putnam and Rockland Counties trailed growth for June in the Hudson Valley where the job rate rose 0.9% from May and 1.2% for June, 2013. Job growth in June in the Hudson Valley private sector trailed both statewide employment from a year ago to 1.8% compared to the nation’s 2.2% job growth.

The seven county regions unemployment rate stayed at 5.3% in June, the third lowest in New York State after Ithaca and Long Island job markets. Westchester County had a 5.1% unemployment rate in June, unchanged from May, 2014. Putnam County had a 4.6% unemployment rate in June, the fourth lowest amount New York’s 62 counties. Rockland had a 4.9% jobless rate for June, The lower Hudson Valley added 4100 private sector jobs in June, an .08% increase from May. There was a net increase of 3100 jobs or .6% from June, 2013.

In June, three counties lost 1800 construction jobs, a 6% decline and a loss of 1,000 manufacturing jobs, a decrease of more than 4%. Education and health services lead the tri-county area hiring 4800 jobs added since June, 2013, a 4.1% increase. Professional and business service companies in the three counties last month employed 1500 more workers in June from June, 2013. The seven county Hudson Valley Region employed 765,500 private sector workers in June, a net increase of 7200 jobs, an 8800 private sector jobs since June, 2013. New York is one of 19 states that have regained all private sector jobs lost during the Great Recession.

Finally, in USA Today – The Journal News reported on August 4, 2014 that growth in jobs has reached higher wage industries. In July, for the second straight month, employment growth in industries such as business services, construction and manufacturing outpaced increases in low wage sectors over the past two months. June and July, 2014, high wage industries have added 257,000 jobs while lower paid jobs added 210,000 employees. This added 209,000 jobs in July, the sixth straight month of 200,000 plus gains. More jobs in the higher wage industries are a boom for the economy raising average pay and bolstering consumer spending. In the past year, low wage industries substantially exceeded those in the higher section and now the disparity is narrowing, per UBS economists. UBS defines low wage industries as those with average hourly pay below $18.50. As earnings rise and companies expand accountants and marketing directors are hired, low wage job lead you out of the recession and then as the statistics show, higher wage jobs take over.

With all this good news on employment, the hope is the lagging construction industry will catch up with the rest of the economy further pushing economic growth and the adding of jobs/

If you are in need of an attorney, contact The Law Firm of Dominick J. Robustelli & Associates, PLLC at (914) 288-0800.