New York’s economy is showing signs of recovery but private sector jobs continue to decline, according to a monthly report released by a group representing the state’s counties.
“New York has historically entered periods of recession later than the nation, but usually remains in economic decline almost twice as long as the rest of the country,” New York Association of Counties president Tom Santulli said in a release. “Unfortunately it appears that this trend is holding up in this recession. While we may have hit bottom, we haven’t started to climb out of this slump yet.”
Private sector employment declined by 0.1% in January compared to December and by 2.1% over the past 12 months, according to State Department of Labor statistics cited in the report.
On the plus side, the real estate market appears to have stabilized, the report said, citing statistics from the New York State Association of Realtors Monthly Housing Survey. Single-family home sales fell in January compared to December but are up 21% compared to a year ago. Since November, median sales prices of single-family homes have risen by 8.5%.
The manufacturing picture has improved as well with new orders, shipments, prices received and employment all increasing in January, according to the Federal Reserve Bank of New York’s Empire State Manufacturing Survey.
The state’s consumer confidence index, while lagging the nation, has trended upward since June and rose by 2.8 points in January to 68.6, the report said.