According to the most recent monthly jobs report from the New York Department of Labor, the seasonally adjusted unemployment rate for New York City was 6.5 percent in April 2015, down 0.1 percent from the previous month. Also in April, 96,600 New York City jobs were added on a non-seasonally adjusted basis.
The seasonally adjusted unemployment rate for the State of New York remained unchanged at 5.7 percent in April, a near seven-year low since August of 2008. The state lost 14,700 nonfarm jobs in the same month, on a seasonally adjusted basis.
What do these numbers mean for employers in the Big Apple?
Regarding the New York jobs report numbers, Robert Half district president Dawn Fay says, "Though New York unemployment is higher than the state or national averages, reports show we're seeing an increase of individuals entering the workforce.” While a higher number of working New Yorkers is a positive change, the shift can translate to increased competition among companies for professionals with in-demand skill sets and experience. In order to stand out in the recruitment phase, Fay suggests employers offer competitive starting salaries, as well as attractive benefits, perks and professional development opportunities.
Additionally, Fay pointed out the numbers were “promising in terms of the city's growth, and also indicate there is confidence in the local market." A more robust hiring market is good news for the economy as a whole, but can create challenges for employers, especially if their top employees start looking for other opportunities. To keep these good employees around, make sure you’re checking in regularly with your team to gauge career satisfaction and not waiting too long to increase compensation for key players.
How does the current New York unemployment rate affect your hiring plans? Let us know in the comments.