Monthly Jobs Report: New York City Unemployment Continues to Drop

New York City unemployment is continuing its downward trend, according to the most recent monthly jobs report. On a seasonally adjusted basis, the New York City unemployment rate came in at 5.2 percent in September, down from 5.4 percent in August. This is a decrease of 1.5 percent from September 2014, and the city’s lowest unemployment rate since May 2008. Despite this decline, 400 New York City jobs were lost in September, on a non-seasonally adjusted basis.

Across the state of New York, unemployment also continues to decline with September’s rate coming in at a seasonally adjusted 5.1 percent. This is the lowest rate the state has seen since April 2008. Statewide, September brought seasonally adjusted gains of 12,000 jobs.

How is the current New York City jobs market affecting employers?

According to Dawn Fay, district president at Robert Half, the demand for talented professionals has grown as New York City unemployment dips. “The pool of skilled talent pool is limited in the current climate,” she reports. “Employers need to act quickly when they identify prospective candidates, or they’ll lose talented individuals to competitors with more aggressive hiring strategies.”

In addition, Fay stresses the importance of examining the offers you’re making. “Naturally, you want to offer competitive starting salaries, but money isn’t the only thing driving candidates’ decisions,” she says. Many candidates can be swayed with incentives such as extra vacation days, company-sponsored professional development and telecommute options. “It’s important to remember that each job seeker is unique,” she recommends. “The benefits that pique one applicant’s interest may not appeal to the next, so really listen to what talented job seekers are asking for. Otherwise, you could end up losing them.”

Do you need help finding top talent to staff New York City jobs? Call your local Robert Half recruiter at (844) 839-6888 for assistance with all of your hiring needs.