The New York State economy added 27,500 jobs in March in the private sector, a new Department of Labor analysis shows.
The statewide unemployment rate also decreased from 4.9% to 4.6% over the past month. The citywide rate decreased from 6.9% to 6.5%. The city is still recovering from the pandemic, which hit the city two years ago.
The announcement was shared by DOL on Thursday, five days after Gov. Kathy Hochul announced key elements for the state's Fiscal Year 2023 budget.
According to the report, the number of unemployed New Yorkers decreased over the month by 27,700. It went from nearly 459,000 in February to 431,300 in March 2022.
At the same time, the number of people in the labor force increased as unemployment decreased.
Additionally, the leisure and hospitality industry has added the most jobs. Since March last year, jobs in the industry grew by 185,000 jobs.
Citywide, there are still major racial disparities present. African-Americans and Hispanics are still struggling the most.
According to the recent monthly jobs report released by NYC Comptroller Brad Lander, the unemployment rate for African Americans increased by 6% since January 2020.
In February, the private sector gained 25,300 jobs in New York City.The most growth happened in the health care and social assistance industry.
This industry gained 8,400 jobs. The professional and business services industry was second in terms of growth, gaining 8,200 jobs.