Long Island, NY Jobs Report

December 2018 Jobs Report

Jobs Added

Metro +53,200
  • Month Over Month: +0.5%
  • 3 Month Average: 47,633
  • Year Over Year: +1.2%
State +6,000
  • Month Over Month: +0.1%
  • 3 Month Average: 15,933
  • Year Over Year: +1.2%
National +312,000
  • Month Over Month: +0.2%
  • 3 Month Average: 254,000
  • Year Over Year: +1.8%

Unemployment Rate

Metro 3.3%
  • Month Over Month: -0.3%
  • 3 Month Average: 3.6%
  • Year Over Year: -0.9%
State 3.9%
  • Month Over Month: -0.1%
  • 3 Month Average: 4%
  • Year Over Year: -0.8%
National 3.9%
  • Month Over Month: +0.2%
  • 3 Month Average: 3.8%
  • Year Over Year: -0.2%

The U.S. economy finished out 2018 strong, adding 312,000 nonfarm jobs in the month of December, according to the Bureau of Labor Statistics. The main job gains occurred in food services and drinking places, construction, health care, manufacturing and retail trade. This jobs report came in well above economists’ predictions of 180,000 jobs added, and more than doubled the 155,000 gained in November.

The unemployment rate rose to 3.9 percent, up from a 50-year low 3.7 percent. However, this uptick is seen as positive, as it’s the result of over 400,000 Americans reentering the workforce due to the market’s strength. The higher unemployment rate is still lower than it was in December of 2017, when it sat at 4.1 percent.

The most exciting news in this jobs report is around wage growth, which was sluggish for most of the year. Hourly wage growth doubled from the previous month at .4 percent, with a year-over-year gain of 3.2 percent. This is the best wage growth seen since February of 2009. There is some concern, however, that this growth will cause the Federal Reserve to raise rates again, which worries both consumers and investors.

Some experts expect the strong report to help the stock market, which has seen steep declines in recent weeks. “We expect the December employment report to remind markets that the US growth outlook remains stable despite financial market volatility,” said Lewis Alexander, an analyst at Nomura.

Others, however, fear that it might not be enough. Recent surveys show that consumer confidence is declining in the recent economic growth, worried that it’s running out of steam. An increasing number of economists are predicting a recession that could start as soon as 2020.

“To be sure this is a good thing, but if the past few months are any indication, the market isn’t moving on fundamentals: Trade is the alpha and the omega,” said Mike Loewengart, the head of investment strategy at E-Trade. “Combine this with ongoing trade disputes and a divided government, and there is a menagerie of issues to keep investors up at night.”

While those concerns may be valid, the market showed a surge at the opening bell, with the Dow rallying more than 300 points and increases in the S&P 500 and Nasdaq, as well.

Sector Job Growth

Professional & Business Services +4,500
  • Month Over Month: +0.3%
  • 3 Month Average: 1,579
  • Year Over Year: +1.3%

Industry Job Growth

Specialized design services +200
  • Month Over Month: +0.1%
  • 3 Month Average: 140
  • Year Over Year: +1.4%
Computer Systems Design & Related Services -600
  • Month Over Month: -0.8%
  • 3 Month Average: 74
  • Year Over Year: +3.1%
Advertising, Public Relations, & Related Services +900
  • Month Over Month: +1.3%
  • 3 Month Average: 72
  • Year Over Year: +1.5%
Professional, Scientific, & Technical Services +3,900
  • Month Over Month: +0.9%
  • 3 Month Average: 428
  • Year Over Year: +2.3%
Employment Services +1,900
  • Month Over Month: +1.6%
  • 3 Month Average: 117
  • Year Over Year: +13.7%
Publishing Industries (except Internet) +100
  • Month Over Month: +0.2%
  • 3 Month Average: 45
  • Year Over Year: -1.5%

Job Growth for All Sectors

BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.

The BLS defines a sector as a subset of the domestic economy and excludes the economic activities of the following: general government, private households, and nonprofit organizations serving individuals. A sector consists of multiple industries.

The BLS defines an industry as a group of establishments that produce similar products or provide similar services. Multiple industries makeup sectors.

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