New York Unemployment Rate
The unemployment rate in the United States has been calculated and measured for over 40 years, each month fluctuating accordingly. The jobless rate is essentially the percentage of individuals who are without a job in the labor force for that state. To compute the unemployment rate for every state, the total number of unemployed individuals is divided into the total number of workers in the labor force. In order to be considered unemployed by the state, an individual must be at least 16 years of age, unemployed but actively seeking employment. The unemployment rate is calculated in order to offer some insight into the economic climate for each state. For example, high unemployment rates normally indicate a recession or a lack of job growth and may require the state to evaluate the existing unemployment insurance program policies. A low jobless rate is a sign of a strong economy and growing job market.
What is the unemployment rate in New York?
For those asking, “What is the unemployment rate in New York?” the answer is a hopeful one. As of May 2017, the unemployment rate in New York came in at 4.4 percent. Although slightly higher than the unemployment rate for April, New York is on par with the national average, which comes in at 4.3 percent. However, the decrease in the unemployment rate in New York comes from the 1.1 million private sector jobs that have been added since the recession in 2009, with over 30,000 of those jobs coming in May 2017. These jobs directly affect the jobless rate, as formerly unemployed workers in New York obtain employment. Job creation ultimately creates a stronger and more resilient economy for the state of New York.
Despite the positive news, New York still has plenty of workers unemployed. For those who find themselves seeking assistance, unemployment insurance benefits may provide a temporary option. New York offers state-provided benefits for qualified individuals who meet outlined eligibility requirements. Make sure to research the factors of eligibility prior to starting the application project.