The New York Department of Labor jobs report released April 16, 2015 shows that unemployment for New York City remains at a preliminary 6.6 percent, down from 7.8 percent a year ago but unchanged from the month prior. The city added 23,000 private sector jobs over the past month, and the private sector growth rate came in at 3.0 percent over the past year, with 104,200 positions added in the city. Statewide, 146,300 new private sector jobs were created in the past 12 months, bringing the total number to an historic high of 7.75 million. New York’s unemployment rate is at 5.7 percent, an almost seven-year low for the state. Let's take a look at what these numbers means for employers.
Finding skilled candidates a challenge
Hiring increases don’t mean an easier hiring process for employers, however. According to a Robert Half survey, 68 percent of chief financial officers (CFOs) report it challenging to find highly skilled candidates for professional-level positions. Robert Half district president Dawn Fay says that number climbs to 73 percent for New York City. Of the private sector jobs added in the city over the past year, 40,000 are in professional and business services. Fay points to audit and financial analyst positions as some of the most in-demand for New York City, with the unemployment rate for these roles at a low 2.9 and 1.8 percent, respectively.
Be ready for competition
According to the U.S. Bureau of Labor Statistics, other professionals who are experiencing low area unemployment rates are purchasing managers (2.0 percent), budget analysts (2.1 percent), administrative services managers (1.4 percent) and human resources assistants and managers (0.5 and 0.3 percent). A positive jobs report outlook is a good sign economically, but it can bring complications to the table, as job seekers may be weighing other offers. Be sure you’re prepared for eventualities like increases in salary negotiations when you do find those in-demand new hires.
What changes have you experienced in New York’s hiring climate? Let us know in the comments.