News from Public Affairs

For Release: IMMEDIATELY UPON RECEIPT
Contact: DR. CHRISTY HUEBNER CARIDI, DIRECTOR, BUREAU OF ECONOMIC RESEARCH, (845) 575-3116
GREG CANNON, OFFICE OF PUBLIC AFFAIRS, (845) 575-3174

HUDSON VALLEY ADDS JOBS, BUT NATIONAL ECONOMY SLOWS AND GLOBAL CONDITIONS LOOM, RESEARCH BUREAU REPORT SHOWS

POUGHKEEPSIE - After seven straight quarters of job gains, the Hudson Valley has recaptured 35 percent of all the jobs lost as a result of the recession, but the number of jobs remains four percent below the pre-recession peak, according to the latest data and analysis from the Marist Bureau of Economic Research published in the first quarter 2012 "Economic Report of the Hudson Valley."

"The recovery in the Hudson Valley and New York State has been slow and steady," said bureau Director Dr. Christy Huebner Caridi, "but a national slowdown in job creation resulting in continued high unemployment, coupled with the weight on the U.S. financial system of the European debt crisis, is cause for concern."
 
The complete report is available online at http://www.marist.edu/management/bureau/.
 
As of the first quarter of 2012, the job count across the region was 888,533, a 2.4 percent increase over the bottom of the recession in the first quarter of 2010. The pre-recession peak in the third quarter of 2008 saw a job count of 925,467. 
 
The sectors that have rebounded the fastest are: trade; transportation and utilities; education and health services; professional and business services; leisure and hospitality; financial activities; and natural resources, mining, and construction. 
 
Two significant developments are the loss of jobs in the information sector and the continued movement away from manufacturing employment. As of the first quarter of 2012, the job count in the manufacturing sector had fallen 16.62 percent below peak and 4.39 percent below the trough. This stands in stark contrast to the national trend, which saw manufacturing employment rise 4.90 percent above the February 2010 trough, recapturing 27 percent of all jobs lost since the pre-recession peak of August 2007. 
 
Among the report's other findings:
 
Labor force
  • Year over year, labor force participation throughout the region was unchanged at 1,140,000
  • Within the region, however, the labor force increased year over year in the upper Hudson Valley (Dutchess, Orange, Sullivan, and Ulster counties), while declining in the lower Hudson Valley (Putnam, Rockland, and Westchester)
  • Labor force participation in New York State rose slightly year over year to 9,483,000 in the first quarter of 2012
  • Participation in the national (civilian) labor force posted a moderate increase at 0.90 percent to 154.66 million
Unemployment rates
  • The regional unemployment rate saw a year-over-year increase of 0.07 percentage points to 7.67 percent while the statewide rate increased from 8.57 percent to 9.00 percent, on average
  • Nationally, the unemployment rate fell from nine percent to 8.27 percent, on average
The report also contains data and analysis on wages (down across the region's private sector, but up statewide) and the regional housing market (permits for single and multi-family homes down region-wide).

For further information, call the Marist College Office of Public Affairs at (845) 575-3174.

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