We cannot stress how important it is for Long Islanders to be knowledgeable of the status of our local economy.
Evidence of a strong labor market and positive consumer spending support the economic stability and growth of our Island. Looking at Long Island’s unemployment rate and employment statistics solidifies this thought.
Long Island’s seasonally unadjusted unemployment rate fell to 3.9% in April, the lowest level in nine years, and down 0.5% from a year ago. The rate is now below the 4% threshold that many economists define as “full employment.” In a full employment economy, all eligible people who would like to work are able to find employment. The number of unemployed Long Island residents dropped by 6,900 to a total of 58,000, the lowest level for April since 2007. Nassau County’s unemployment rate dropped 0.5% to 3.7%, while Suffolk County’s unemployment rate decreased by 0.6% to 4.1%.
Meanwhile, the number of employed Long Islanders jumped by 22,900 to 1.42 million, the most for the month of April since 2008. The number of private sector jobs on Long Island increased over the year by 11,500, or 1.0%, to 1,113,000 in April 2016. Six of nine private industry sectors gained jobs in April compared to a year ago: education and health services (+8,000), leisure and hospitality (+6,100), other services (+1,400), financial activities (+1,400), manufacturing (+600), and natural resources, mining, and construction (+300). The government sector gained 3,200 jobs over the year.
A quick look at U.S. unemployment statistics shows that fewer people sought unemployment aid last week for the second week in a row proving that hiring is steady. Weekly applications for unemployment aid dropped 10,000 to a seasonally adjusted 268,000. These statistics support and suggest that the U.S. economy is also on the incline. With applications at historically low levels, below 300,000 for 64 weeks, this is the longest such streak since 1973. Across the U.S., sales at retail stores and restaurants jumped in April, proving that American’s are spending. The U.S. housing market also had an increase in sales statistics in April soaring to the highest levels since 2008.
Overall, we are seeing not only steady and growing figures across Long Island, but also across the U.S. These statistics support a healthy economy determined to succeed.
For more predictions about our economy, please sign up for our monthly digital newsletters.