New York City saw almost no job growth in May, according to a revised monthly employment report released today by Eastern Consolidated. The revised gain for May was 10,200 jobs, putting the year-to-date gain at 42,300, up from 38,900 jobs a month earlier.
Eastern Consolidated said the flat result should be viewed only a small “bump in the road” to recovery rather than a negative shift in momentum.
The biggest losses, 2,800 jobs, were in health services. The real estate and hotel sectors added zero jobs.
In the last 20 months, New York City has added 75,100 jobs, keeping employment 1.7 percent below its August 2008 peak. The city continues to outperform the nation; the U.S. has 6.5 million total jobs, or 5 percent, less than its January 2008 peak. – Katherine Clarke