Labor market on LI adds 27,600 jobs in February, sees fewer losses in retail jobs
A hiring sign is displayed in the window of a Panera Bread store, Credit: AP/Gene J. Puskar
Long Island’s labor market saw job growth for the second month in a row, adding over 27,000 more jobs in February than the region had the same month a year ago, state data shows.
Last month, the local economy saw the number of total nonfarm jobs grow by 2.1%, or 27,600 jobs, over the same month a year earlier, according to figures published by the state Labor Department Thursday. On a month-over-month basis, jobs grew by 4,400 jobs, when a loss of 700 jobs is a norm for the month.
In most respects, the numbers remain similar to the first month of the year, economists said.
“Most of the gains or losses in jobs were in line with what we typically see in each sector,” said Shital Patel, labor market analyst with Labor Department’s Hicksville office. “There wasn’t much deviation from that.”
The monthly employment data released by the state are estimates of job counts based on responses from the Current Employment Survey (CES) sample of nonfarm establishments.
A major reason why the Island saw job growth from January into February instead of the more typical loss, Patel said, was changes in retail hiring.
“We saw a smaller than average loss in seasonal jobs,” she said. “In retail this month we only had a loss of 2,200 jobs when there typically is an average loss of 4,100 jobs.”
Retail hiring normally picks up substantially in the fourth quarter to meet the demands of holiday shoppers. From October into December of 2022 though, that uptick was largely absent, leading to fewer layoffs than is the norm after the holiday season, Patel said.
Overall, seven of the nine industry sectors tracked by the state gained jobs last month compared to a year ago.
Professional and business services gained 9,900 jobs; leisure and hospitality added 7,500; private education and health services saw a gain of 4,400 ; construction grew by 3,600 jobs; other services — which includes laundry services — added 800; manufacturing added 700; and financial activities grew by 400.
John Rizzo, economist and Stony Brook University professor, said the recent figures show the Island’s economy remains robust in its recovery from the pandemic.
“The labor market continues to be strong. That’s pretty clear,” Rizzo said.
Considering that growth, Rizzo said, inflation is likely to be a continued worry for the Federal Reserve, which is seeking to rein in price increases through interest rate hikes.
“The economy is still strong and there are still plenty of opportunities for workers," he said. "That’s the double-edged sword that the Fed is contending with.”
