Based on data from the most recent monthly jobs report, the non-seasonally adjusted New York City unemployment rate dropped to 5.3 percent in August. This is the lowest rate the city has seen since June of 2008, and represents a decline of 1.8 percentage points from this time last year. In spite of this lowered rate, 24,700 New York City jobs were lost in August, also on a non-seasonally adjusted basis.
Statewide, the unemployment rate came in at a seasonally adjusted 5.2 percent in August. The Empire State also saw a drop in job numbers during the same time period, with 13,700 positions lost on a seasonally adjusted basis.
What does this mean for employers looking to hire for New York City jobs?
“As the New York City unemployment rate drops, the rates of individual sectors — such as technology, finance and professional services — follow suit,” says Dawn Fay, district president with Robert Half. Subsequently, the demand for skilled professionals who are able to learn quickly and possess stellar communication abilities has continued to rise over the past few months. “More and more it’s becoming a candidate’s market,” notes Fay. In fact, many applicants receive multiple offers in today’s hiring climate.
“With candidates and employees in the driver’s seat, it’s more difficult for companies to hire,” Fay says. “To land the top talent on the market, companies need to re-evaluate their hiring processes from beginning to end. They need to write better job descriptions and work with specialized recruiters that have access to candidates who are selectively and passively looking to make a move. Employers should make an effort to let people know why working for their company is a good choice.” Additionally, Fay recommends employers get more aggressive with starting salaries, overall compensation packages and other incentives.
How has the New York City unemployment rate affected your hiring process? Let us know in the comments section.