On Thursday, March 8, the New York State Labor Department released a revised version of the job numbers for 2016 and 2017. The results showed that job growth was better last year than initially thought, and that manufacturing jobs have been declining despite the number of jobs increasing overall.
According to the newly revised numbers, in 2017, New York City gained 85,000 and in 2016 90,000 jobs were added. This shows that even though the economic growth seems to be slowing, the rate at which it is slowing down is quite minimal. Also, the total number of jobs in the city is the highest that it has ever been with 4,426,700 jobs.
Crain’s News reports, “After a downward revision, total manufacturing employment dropped by 3,000, or 4%, to 73,100, the third consecutive year of losses. Manufacturing jobs in the city are now at their lowest level ever. No matter what the city does in terms of zoning, no matter how many incubators are started, making goods in the city is just not economical. For the record, factory jobs represent 1.6% of employment in the city. Frequently, early numbers suggest small manufacturing gains that are erased when more reliable figures come in for the March revision. Policymakers should focus on how the opportunity cost of spending time on manufacturing jobs is large and the gains from doing so are small.”
By Rebecca Gold