The benchmark adjustment employment numbers are in, and all I can say is wow!
For those not in the know, once a year, a “re-anchoring of the sample-based employment estimates” occurs, as the U.S. Bureau of Labor Statistics puts it. In other words, estimates are replaced with verified figures. And just glancing at office sector employment, the revised numbers are staggering.
For 2010, the number was raised to 33,500 from 25,200.
More impressive was the 2011 climb, to 30,300 from 14,600—more than double the original figure. The January 2012 estimates were released and show a gain of 15,300 office jobs (this figure may be lowered as the year moves along).
So what industries proved the hottest and/or weakest in 2011? Well, professional services was on fire, jumping by 29,100 positions (it is where most of tech and new media jobs reside). The other sectors were less startling, though some might find a mild surprise.
Securities (yes, securities!) was up by 5,000, business services saw 2,600 additions, banking climbed by 2,100 and information beefed up by 800.
Insurance and real estate was the only disappointment, dropping by 200 positions. Now, it certainly hasn’t been all sunshine over the past year, as many can attest. Financial services, in particular, has continued to see layoffs and many of those would not be included in the recent numbers, as the affected individuals have yet to file for unemployment insurance, possibly due to severance packages received.
From November 2011 through January 2012, there have been seven WARN notices (Worker Adjustment and Retraining Notification) received by New York State from financial services firms in New York City for a total of 2,078 “eliminations.” That said, New York City certainly appears to be on a roll and in much better shape than originally thought.
Robert Sammons, Cassidy Turley
