For the first time in the last three decades, the New York City is going through its fastest job growth rate. However, the majority of the jobs that are currently being created and offered are in the low-paying industries. In the last quarter of this year, the city has further added nearly fifty thousand new jobs, mostly in the private sector. This is one of the city`s all time records in creating jobs, and that is an increase of over five percent, which is the highest since the beginning of 1990.
New York City`s economy is expanding and according to the United States Conference of Mayors` report last year, the size estimation of New York`s metropolitan economy reaches a number of almost one and a half trillion dollars. New York City has the largest economy in the USA, an interesting fact is that New York`s economy is ranked as thirteenth economy in the whole world, in front of countries like South Korea, Spain or Mexico.
A study was conducted by JPMorgan Chase, which shows that there is a very large gap between the job demands and the skills required. Nearly half of the New Yorkers are lacking the necessary skills for the jobs that require special trainings. That is a big problem for the companies, especially for those companies that are seeking healthcare specialists, lab technicians, nurses, information security analysts or IT workers.
Education job gains have increased in the past year, but the average annual pay in that industry is around $37,000. In comparison, the average salary in the financial services in New York City is around $356,000. The only industry that lost jobs in New York City over the last quarter was the construction industry, where reportedly over thousand jobs have been lost.
Today, New York City is the global place for hundreds of big international businesses. It is also home of the NYSE and NASDAQ, which makes the city a center for the financial businesses. There are lots of jobs available in the sector of internet technology, insurance, finance, and media. Over one-third of all job opportunities in New York City come in the area of financial services.
According to the New York`s Office for Film, Theatre and Broadcasting, New York`s film and television industry ranks as second in the USA, right behind Hollywood. There are lots of job opportunities in advertising and media in the city.
New York City has always had a powerful manufacturing industry, but some areas are on decline. For example, the manufacturing of garment for the fashion houses has been moved to countries overseas due to the cheaper labor force. At the same time, food manufacture and production of other consumer products have remained strong.
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