New York City Adds Its Most Jobs This Year In Latest Monthly Report

The increase in both childcare and office-using jobs could spell good news for office landlords still looking to beef up their occupancy rates. (James Hooker/CoStar)

 

New York City experienced a wave of hiring last month that can only be good news for the Big Apple’s economy.

According to the latest preliminary data provided by the Bureau of Labor Statistics, more than 81,000 private sector jobs were added during October in the largest monthly job gains of the year. The month-over-month percentage change in private sector jobs not only outpaced New York state, but the national average as well.

The surge in hiring is welcome news for the city after hiring had slowed tremendously in recent months, with only 8,000 private sector jobs gained from July to September.

While all industry sectors witnessed monthly gains, 60% of job gains were driven by two key sectors. The professional and business services sector saw more than 21,000 jobs across the technology, legal and accounting fields. With firms increasing headcount in such a large way, perhaps this may be an indicator of a near-term return to office.

The education and health sector saw 30,000 jobs added over the past month. And while much of it was at the university level, there has been an increase of 1,500 childcare jobs, the largest increase of the year, which perhaps signals that parents are gearing up to head back into the office.

Though the leisure and hospitality sector did not lead the way in job gains in October, the sector did account for a respectable gain of 9,000 jobs. Much of the gains were driven by hiring from the restaurant industry and the performing arts, an indicator that businesses could be expecting a busy winter travel season.

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