The Bureau of Labor Statistics released annual average Current Employment Survey data for 2017 this week, and rebenchmarked prior data to the latest unemployment insurance tax records, something it does every March. The news was good for metro New York. Its total employment for December 2017 was 57,600 higher than had been reported prior to the adjustment, and its increase from the prior December was 22,900 greater. For New York City alone, the December 2017 estimate of total employment was 25,400 higher, and the change over the year was 3,500 greater. The greatest source of error in this data is an unexpected number of jobs in new businesses, since these cannot be surveyed and must be estimated.
With the 2017 data out, I’ve repeated my charts of local government employment for New York City and the rest of New York State. The charts show that prior trends are continuing, with less local government employment relative to private sector employment. Mostly because more and more tax dollars are going to debts and retirement benefits for those no longer working, rather than workers still on the job and producing public services. For that reason New York City faces fiscal issues, and New York State and the MTA face budget deficits, even though New York City has added an incredible 500,000-plus private sector jobs over five years.