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For Release — Wednesday, October 24, 2007

NEW YORK CONTINUES TO LAG NATION IN KEY EMPLOYMENT SECTORS, NEW 'JUST THE FACTS' PPI ANALYSIS SHOWS

ALBANY—New York's job growth in the key employment sectors of financial activities and professional and business activities lagged behind most other states over the past 10 years, a new analysis by the Public Policy Institute shows.

The Public Policy Institute, the research arm of The Business Council, analyzed Bureau of Labor Statistics non-seasonally adjusted annual job numbers for 1996 through 2006. The resulting analysis shows 10-year, three-year and one-year growth in nine employment sectors.

The analysis is part of the Public Policy Institute's Just the Facts, an on-line compendium of key economic and social indicators. The detailed tables are available at www.ppinys.org/reports/JustTheFacts.html.

Financial activities: The analysis shows that jobs in New York's financial-activities sector increased only 1.5 percent between 1996 and 2006 -- the 48th lowest growth in the nation and well below the national growth rate of 20 percent.

Only Indiana and Hawaii ranked lower than New York. Both those states saw a decline in financial-activities employment during the 10-year period ending in 2006.

Financial-activities employment in New York did increase 1.8 percent in the one-year period ending in 2006, coming close to the national growth rate of 2.6 percent.

Professional and business services employment: New York ranked 41st among all 50 states for growth in professional and business services employment between 1996 and 2006. With a 21.7 percent increase in that time period, New York lagged behind the national growth rate of 30.4 percent.

The number of professional and business services jobs in the Empire State grew 2.4 percent between 2005 and 2006, the 39th lowest growth in the nation and behind the national growth rate of 3.5 percent.

Manufacturing jobs: New York ranked below most other states in manufacturing job loss during the 10-year period ending in 2006. With a decline of 28.7 percent, New York was far ahead of the national decline rate of 17.6 percent.

Between 2005 and 2006, New York lost 2.2 percent of its manufacturing jobs, more than 10 times the rate of decline experienced nationwide of 0.2 percent.

Information Employment: The number of jobs in New York's information sector declined 0.3 percent between 1996 and 2006, in the face of a national growth rate of 3.9 percent. Despite the long-term decline, the number of information-sector jobs in New York increased 0.1 percent between 2005 and 2006 while nationally the number declined 0.2 percent.

Private sector: Total private-sector employment increased 9 percent between 1996 and 2006, only slightly more than half the national growth rate of 14 percent.

The analysis also found that:

Just the Facts is available at www.ppinys.org/reports/JustTheFacts.html.