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THE WEEK OF DECEMBER 27, 2002
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Employment In New York State
Is Even With National Norms
The employment statistics for November 2002 show New York’s job performance is in line with national norms. This mirroring of the national performance contrasts with a decade ago, when New York continued to lose jobs even after the national recession ended.
In November 2002, New York lost 2,900 private-sector jobs (seasonally adjusted), a decline of less than 0.1 percent. In November 2002, U.S. private sector jobs also fell by less than 0.1 percent.
From August 2001 to April 2002, New York private jobs dropped 1.4 percent; the nation lost 1.3 percent.
In the most recent seven months from April 2002 to November 2002, New York private jobs increased 2,900 (seasonally adjusted), or less than 0.1 percent; national private jobs also increased less than 0.1 percent.
This parallel performance is also reflected in the unemployment statistics. In November 2002, the New York unemployment rate (seasonally adjusted) registered 6 percent and equal to the US rate. The rate was 8 percent in New York City and 4.7 percent in the rest of the State.
Today’s pattern of slow job growth as the nation emerges from recession mirrors the experience of the nation after March 1991, the last month of the 1990-’91 recession. From April 1991 to April 1992, private employment nationally remained unchanged even as the national economy began a recovery. Only after April 1992 did American employers begin a sustained, multi-year expansion of job creation.
A decade ago, New York did not mirror the national performance. In fact, the recession hung on in the Empire State for 20 months after the nation began to recover. From March 1991 to November 1992, New York lost an additional 224,000 or 3.4 percent of its private-sector jobs.
The difference between now and then is relatively simple: New York’s aggressive tax cutting over the last eight years has greatly enhanced the state’s competitive standing relative to other states.