City's job gains in 2012 are best in 60 years

The city's unemployment rate improved in April.

New York City added 12,000 private-sector jobs in April, bringing this year's gain to 60,000, marking the best four months since the 1950s, data released Thursday show. Unemployment rate dips to 9.5%.

By Daniel Massey

The city gained an eye-popping 12,000 private-sector jobs in April, bringing total private-sector growth to 60,000 for the year, the best four-month streak since the 1950s, according to an analysis of state Department of Labor data released Thursday.

The unemployment rate finally caught wind of the gains, inching downward after three consecutive months when it rose in defiance of job growth. It ticked down to 9.5%, from 9.7% in March. The city netted 10,200 jobs last month after losses in the public sector, according to the analysis by real estate services firm Eastern Consolidated.

“We usually see strong growth in the first couple of months of the year, only to see the pattern slow down by mid-year,” said Barbara Byrne Denham, chief economist at Eastern Consolidated. “But we're not seeing that. The fact that it's still going strong says there's some serious momentum in the local economy.”

James Brown, principal economist at the Department of Labor, singled out the construction industry, which was one of the hardest hit during the recession, for “starting to show a little life.” Hotels, public works and stalled residential projects that have picked up are leading the way, he said. The industry added 1,300 jobs in April on a seasonally adjusted basis.
Professional and business services continued to roll along, aided by strong corporate profits and the tech boom, adding 5,000 jobs. Nearly half of the city's job growth over the past year has occurred in that sector. Most of the April growth—3,100 jobs—occurred in employment services, which covers temporary jobs.

“We've definitely seen strong demand in the professional and business sectors,” said Angela Cordero, area director for staffing firm Adecco. “Clerical and IT continue to be strengths for us.” The negative news came from Wall Street, where employment was essentially flat in April. Just this week, Credit Suisse filed a notice with the state that it planned to lay off 126 employees.

“We're still getting layoff announcements by companies, and they're still coming in with so-so profit reports,” Mr. Brown said. “It's nothing of the scale of '09, but they're definitely trimming, not adding.”