New York City Job Market Report

By: Quiet. Please
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  • Summary

  • Discover the pulse of employment opportunities with the "New York City Job Market Report," your ultimate guide to navigating the dynamic job landscape of NYC. Tune in every week as we discuss recent trends, industry insights, and expert analysis to help job seekers and hiring managers stay ahead of the curve. Whether you're an aspiring professional or an established industry leader, our comprehensive coverage of the Big Apple's employment scene will keep you informed and empowered. Don't miss out on the latest job openings, salary reports, and career advice tailored specifically for New York City's competitive market. Subscribe now to stay updated and make your next career move count!

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    Copyright 2024 Quiet. Please
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Career Success Economics Politics & Government Social Sciences
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Episodes
  • NYC's Thriving Tech Scene: A 2025 Job Market Snapshot

    NYC's Thriving Tech Scene: A 2025 Job Market Snapshot
    Jan 20 2025
    The job market in New York City in 2025 is robust and expanding, particularly in the tech sector. The city's tech workforce has surpassed 400,000 professionals, making up 5% of NYC employment but generating almost 10% of the city's total wages. Salaries for software engineers are around $148,000, with some roles reaching up to $225,000 annually.

    The employment landscape is diverse, with major companies like IBM, JP Morgan & Chase, and Verizon actively hiring for various tech roles, including AI specialists, cloud architects, and cybersecurity analysts. The startup scene is also vibrant, with Y Combinator-backed companies like Gusto and Segment contributing to the city's tech growth.

    Key statistics include a record 4.1 million private sector jobs, with job creation in the tech sector growing by 72% from 2013 to 2023. The city's unemployment rate stands at 5.4%, which is lower than the long-term average of 7.68%. Private sector jobs rose by 79,800 over the year to November 2024, with gains in education, health services, leisure, and hospitality.

    Trends indicate a strong focus on AI, cloud computing, and cybersecurity, with these sectors driving significant industry transformations. AI is expected to both create and displace jobs, but for every job displaced, between four and 10 jobs might be augmented by AI. Cloud computing, led by AWS, is creating numerous opportunities for cloud architects and security engineers.

    Major industries include professional, scientific, and technical services, which is the city's largest industry based on employment, offering high annual average wages exceeding $150,000. The finance sector also remains strong, with 21,500 more jobs than in the pre-pandemic era.

    Recent developments show commercial real estate stabilizing and employers bringing workers back into offices post-pandemic. The city is drawing young talent, with nearly half a million recent graduates choosing to live in NYC since 2021.

    Seasonal patterns and commuting trends are influenced by the shift towards hybrid and remote work options, allowing better work-life balance. Government initiatives are focused on supporting skills development, with an emphasis on adaptability and critical thinking.

    The market evolution is characterized by rapid growth in tech jobs, which are growing twice as fast as other sectors. Companies are now more focused on skills than degrees, making it accessible for candidates from various educational backgrounds.

    Key findings include the strong and improving labor market, the dominance of the tech sector, and the importance of AI, cloud computing, and cybersecurity. Here are a few current job openings: AI Architect at Goldman Sachs with salaries between $170,000 to $234,900, Cloud Architect at IBM, and Cybersecurity Engineer at Verizon.

    In conclusion, New York City's job market in 2025 is dynamic and promising, especially in the tech sector, with a strong emphasis on innovation and adaptability.
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    4 mins
  • NYC's Job Market Trends: Growth, Challenges, and Resilience

    NYC's Job Market Trends: Growth, Challenges, and Resilience
    Dec 25 2024
    The job market in New York City has shown mixed trends in recent months. As of November 2024, private sector jobs in the city increased by 79,800 over the year, reaching a total of 4,236,900. This growth was driven by significant gains in private education and health services, which added 81,000 jobs, as well as increases in leisure and hospitality (15,100 jobs), trade, transportation, and utilities (7,400 jobs), and other services (100 jobs).

    However, some sectors experienced job losses, including information (-9,400 jobs), natural resources, mining, and construction (-7,800 jobs), financial activities (-3,300 jobs), professional and business services (-2,100 jobs), and manufacturing (-1,200 jobs).

    The city's seasonally adjusted unemployment rate remained at 5.4 percent in November, unchanged from October but slightly higher than the 5.3 percent rate in November 2023. New York State's unemployment rate was lower at 4.4 percent in November 2024. The labor force participation rate in New York City stayed at 62.7 percent.

    Over the calendar year through August 2024, the NYC labor force grew by 47,700, while the number of unemployed declined by 2,600. Despite a rise in the unemployment rate to 5.2 percent in August, the employment to population ratio in NYC remained at an all-time high.

    Major industries contributing to the job market include education and health services, leisure and hospitality, and trade, transportation, and utilities. Growing sectors are primarily in the service-oriented fields.

    Recent developments include a stable number of initial weekly jobless claims in NYC, contrasting with the national trend which was influenced by factors like Hurricane Helene. The quick resolution of the dockworkers strike is expected to prevent significant layoffs in related industries.

    Seasonal patterns show that job openings rates can fluctuate, with New York having 515,000 job openings in June 2024 at a rate of 5.0 percent. The unemployed-per-job-opening ratio was 0.8 during this period.

    Commuting trends have not seen significant changes, but the overall labor market dynamics suggest a resilient workforce. Government initiatives focus on maintaining a strong labor force and supporting job growth across various sectors.

    In terms of current job openings, positions are available in fields such as healthcare, with openings for nurses and medical assistants; in education, with openings for teachers and educational administrators; and in the hospitality sector, with openings for hotel staff and restaurant managers.

    Key findings indicate that while New York City's job market is experiencing growth, it is not uniform across all sectors. The city's unemployment rate remains higher than the state's, but labor force participation and employment rates are strong. The market continues to evolve with a focus on service-oriented industries and government support for job growth.
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    4 mins
  • New York City Job Market: Uneven Recovery, Challenges for Young Workers

    New York City Job Market: Uneven Recovery, Challenges for Young Workers
    Dec 24 2024
    The job market in New York City has shown mixed signals in recent months. As of November 2024, private sector jobs in the city increased by 79,800 over the year, reaching a total of 4,236,900. This growth was driven by gains in private education and health services, leisure and hospitality, and trade, transportation, and utilities. However, there were losses in natural resources, mining, and construction, information, financial activities, other services, and manufacturing[1].

    The employment landscape in New York City is diverse, with significant industries including professional, scientific, and technical services, which is the largest industry based on employment and offers high average wages. Other major industries include health care and social assistance, educational services, and leisure and hospitality. These industries collectively account for about 45% of the jobs in the city[3].

    In terms of statistics, the city's seasonally adjusted unemployment rate was 5.4% in October 2024, slightly higher than the state's rate of 4.4%. The labor force participation rate for the working-age population stood at 62.7% in October[1].

    Trends indicate that while the overall job market is recovering, young workers in New York City are still struggling. The unemployment rate for young workers aged 16 to 24 remains high, particularly for young males, who have a significantly higher unemployment rate compared to their counterparts in the rest of the state and the nation[4].

    Major industries such as professional, scientific, and technical services, and health care and social assistance continue to be significant employers. Growing sectors include leisure and hospitality, although this sector has yet to fully recover from pandemic-related job losses[3][4].

    Recent developments show an increase in job openings, with New York having 515,000 job openings in June 2024, at a rate of 5.0%. However, the leisure and hospitality sector, which is crucial for young workers, has seen a decline in job postings since June 2022[5].

    Seasonal patterns affect the job market, particularly in sectors like leisure and hospitality, which typically see more job openings during peak tourist seasons. Commuting trends have also been impacted by the pandemic, with many jobs in industries like professional services adapting to remote work[3].

    Government initiatives aim to support the recovery of the job market, particularly for young workers. However, there is a noted gap in adequate job openings in service industries that traditionally employ young workers[4].

    The market evolution in New York City reflects a gradual recovery with some sectors performing better than others. Key findings include the ongoing challenges faced by young workers, the resilience of high-wage industries, and the need for continued support in sectors heavily impacted by the pandemic.

    Current job openings include positions in health care and social assistance, such as nurses and healthcare administrators, roles in professional, scientific, and technical services like software engineers and data analysts, and jobs in the leisure and hospitality sector such as hotel managers and event coordinators.
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    4 mins

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