By Hank Russell
Employment figures did not look as strong in September, according to data from the Federal Reserve Bank of New York, with the growth rate in employment staying virtually unchanged over the past 12 months.
Citing data from the U.S. Bureau of Labor Statistics and Moody Analytics and calculations from the New York Fed staff, Long Island’s rate was lower than in August, when it was 0.4%, and the September of last year, when it was 0.7%. Further, the annual growth rate on Long Island was below that of New York State’s figure of 0.4%. This is the third month in a row New York exceeded Long Island’s growth rate.
The national annual employment growth rate was 0.8% in September, according to the New York Fed. This is the fourth consecutive month Long Island fell behind the U.S.
The report also showed that there were approximately 1,637,500 people employed on Long Island during the month of September. That is slightly off from August’s figure of 1.372 million and 1.368 million in September 2024. (Both figures are approximate.)
In addition, the employment index was lower than the state’s and nation’s, the New York Fed said in its report. Long Island’s index was only 107.8, compared to New York (112.6) and the U.S. (119.1). In addition, it was slightly lower than it was in August, when it was 108.2, and a bit higher than September 2024’s figure of 107.9.
The unemployment rate in September was 3.0%, based on the New York Fed’s data calculations.