July Job Market and Unemployment Rates in New York State and New York City
NEW YORK STATE
- Unemployment Rate: The unemployment rate in New York State was 3.9%, slightly above the national average of 3.5%.
- Employment Growth: The state saw a 1.3% year-over-year increase in nonfarm employment, indicating steady job growth across various sectors. Key industries contributing to this growth include healthcare, professional and business services, and leisure and hospitality.
NEW YORK CITY
- Unemployment Rate: The unemployment rate in New York City was 4.6%, higher than the state average. This rate reflects ongoing challenges in the city’s labor market, particularly in sectors like retail and hospitality, which are still recovering from pandemic impacts.
- Employment Growth: The city experienced a 2.1% increase in nonfarm employment over the past year. Significant gains were seen in the professional and business services sector, as well as in education and health services.
Be Prepared for Benefits & Enrollment Season!
If your benefit enrollments are effective starting January 1st, it’s best to begin planning your enrollment meetings in August and September. This early start provides ample time to organize materials, update benefit options, and ensure all legal requirements are met.
Early preparation also allows for thorough employee communication, scheduling flexibility, and time to resolve any potential issues, ensuring a smooth and informed enrollment process. Starting early helps engage and educate employees about their benefits, leading to better decision-making and utilization of the offerings.
New York State Department of Labor Minimum Wage for Tipped Workers
Find detailed information on the minimum wage rates for tipped workers, including cash wages and tip credits for various regions within New York State. It also outlines the conditions under which tip credits can be applied.
New York Government Wage Program
Find a comprehensive overview of the minimum wage laws in New York State, including the current wage rates, scheduled increases, and specific information for tipped workers.
Get Ahead of the Game. Know the Premium Rates, EARLY!
Did you know that New York State typically releases the new health insurance premium rates in late August? Staying informed about these rates can help you better prepare for the upcoming enrollment season. You can find the latest rates and updates by visiting the New York State Department of Financial Services (DFS) website.
High Deductible Health Plans and Prescription Savings.
Many people struggle with the costs associated with high deductible health plans, especially when it comes to prescriptions.
To help manage these costs, several websites offer reduced rates for prescriptions and mail order services. Websites like GoodRx, Blink Health, SingleCare, RxSaver, WellRx, and Optum Perks provide significant discounts on medications and convenient home delivery options. These resources can be invaluable in helping you find affordable prescription options.
