New York City's unemployment rate in January fell to its lowest level in recorded history, the NYC Economic Development Corp. said on Friday.
Citywide unemployment dropped to 4.5% in January, the lowest rate since 1976, when the New York State Department of Labor first started keeping track. The unemployment rate is down from 5.3% in January 2016.
On a seasonally adjusted basis, the city added 39,000 private sector jobs in January.
The NYS DoL releases employment data for the city and the state it collects under a joint program with the U.S. Bureau of Labor Statistics. The information is subject to revision.
Unemployment in the city is down from 8.1% in December 2013, a 3.6% drop since Mayor de Bill Blasio took office while 329,800 private sector jobs have been added during that same time period, according to the NYC EDC.
"Our job creation strategy is about pulling more people into the middle class, and creating better opportunities for their families," NYC EDC President and CEO James Patchett said in a press release. "While we are seeing incredible job gains and a historically low unemployment rate, we must focus our attention on job quality."
Most of January's jobs gains came in the education services sector, which added 12,900 jobs. The accommodation and food services category and the professional, scientific and technical services sector had the next largest gains, with 6,100 and 3,300, respectively. "As our economy continues to grow, we are seeing record low unemployment and new jobs in nearly every sector," said Deputy Mayor for Housing and Economic Development Alicia Glen. "This is happening because we are making smart, targeted investments, building an accessible economy with more middle class jobs -- and the training New Yorkers need to get them."
