The Long Island economy continues to expand but at a much slower pace, solely because of gains in the private sector, according to a report from the State Labor Department issued this afternoon.
The Island had 5,600 more private-sector jobs in September 2010 than it had in September 2009. The was the fifth consecutive monthly report that showed private-sector growth.
The public sector, on the other hand, which includes government employees, had 3,900 fewer employees in the same period and lost the most of any sector in the September period. So total nonfarm employment, which includes both the private and public sector, grew by just 1,700 jobs.
In August, the Island had 10,200 more jobs than it had in August 2009. That was revised down from the 11,300 previously reported.
Private-sector employment activity is considered the better measure of a region’s economic growth.
The Island’s unemployment rate dipped to 6.9 percent in September from 7 percent in August.
Here are the stats the state released this afternoon:
"The job gains occurred in educational and health services (+5,700), trade, transportation and utilities (+3,800), natural resources, mining and construction (+900), information (+400) and other services (+200). Job losses occurred in professional and business services (-1,700), leisure and hospitality (-1,400), financial activities (-1,200) and manufacturing (-1,100). The public sector lost 3,900 jobs over the year."
Above, participants are see at a job fair at Hofstra University earlier this month. (Oct. 6, 2010)
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