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Department of Labor Employment Research and Statistics in New York State DECEMBER 2018 At a Glance The changing face of business... New York State had 9,668,800 total nonfarm jobs in October 2018, including 8,218,800 private sector jobs, after Introducing the Subscription Economy seasonal adjustment. The state’s seasonally adjusted private sector job “Consumers are shifting [to] … new consumption “subscription economy,” a new trend count increased by 0.3% in September- models, which allow them to subscribe to the shaking up the world of business and October 2018, while the nation’s job outcomes they want when they want them." e-commerce. count increased by 0.2% over this period. Alvina Antar, CIO, Zuora From October 2017 to October 2018, the Previously, most commerce consisted number of private sector jobs increased Once upon a time, subscription sales were of one-stop sales. Businesses offered by 1.5% in the state and by 2.0% in the the bedrock of student fundraisers. For a goods and services to consumers who nation (not seasonally adjusted). special price, you could buy a year’s worth paid to own them. Now, many firms are of Reader’s Digest or Life magazine and shifting toward a new model. They offer In October 2018, New York State’s help the school softball team at the same consumers access to their products seasonally adjusted unemployment time. Now “subscription,” or paying in or services for a periodic fee (e.g., rate decreased from 4.1% to 4.0%. The advance for access to goods or services, monthly, yearly, etc.). This new model comparable rate for the nation in October has a whole new lease on life. It is allows companies to focus on serving the 2018 was 3.7%. transforming the way we do business. customer rather than selling their product. New York State’s seasonally adjusted Boxes at the Door Subscriptions have changed the way that labor force participation rate increased Have you ever signed up for promotional Americans consume everything from from 60.8% to 60.9% in October 2018. offers like a free month of service from software to fitness to movies. A wide range streaming provider Netflix? Or perhaps of companies now use the subscription Change in Nonfarm Jobs you enjoyed $50 off your first two boxes model. A recent article in Barron’s cites October 2017 - October 2018 from meal kit delivery service Blue Apron? the case of Adobe. The company stopped (Data not seasonally adjusted, net change Then you are part of the emerging selling boxed versions of its popular in thousands) Continued on page 2 Net % In October... Total Nonfarm Jobs 123.2 1.3% ...NYS private sector jobs increased ...NYS unemployment rate decreased Private Sector 122.5 1.5% 8,230 In 000s 4.8 Goods-producing 15.5 1.8% NYS Percent Nat. res. & mining 0.0 0.0% 8,180 4.4 Unemployment Construction 15.3 3.8% Rates Manufacturing 0.2 0.0% USA Number of Durable gds. -6.0 -2.3% 8,130 Private Sector 4.0 Jobs Nondurable gds. 6.2 3.3% Seasonally adjusted Seasonally adjusted Service-providing 107.7 1.2% 8,080 3.6 Trade, trans. & util. 6.9 0.4% O N D J F M A M J J A S O O N D J F M A M J J A S O 2017 2018 2017 2018 Wholesale trade 2.1 0.6% Retail trade -1.9 -0.2% ...NYS unemployment decreased ...NYS LF participation rate increased Trans., wrhs. & util. 6.7 2.2% 465 61.0 Percent Information -1.3 -0.5% In 000s Labor Force Financial activities 3.6 0.5% 435 60.8 Participation Rate Prof. & bus. svcs. 15.9 1.2% Educ. & health svcs. 55.0 2.7% Total 405 Unemployment 60.6 Leisure & hospitality 13.9 1.5% Other services 13.0 3.1% Seasonally adjusted Seasonally adjusted 375 60.4 Government 0.7 0.0% O N D J F M A M J J A S O O N D J F M A M J J A S O 2017 2018 2017 2018 EMPLOYMENT IN NEW YORK STATE DECEMBERAPRIL 2018 2015 Focus on the Mohawk Valley Region on an Economic Upswing by Brion Acton, Labor Market Analyst, Mohawk Valley The Mohawk Valley region, which includes accommodations industry (+830). Job growth Fulton, Herkimer, Montgomery, Oneida, in this industry was fueled by recent hotel Otsego and Schoharie counties, has been on and motel expansions, along with the an economic upswing over the last five years. development of former industrial sites in “The Mohawk Valley has been on an Between 2012 and 2017, private sector the Harbor Point area in Utica. An increase economic upswing over the last five years." employment in the region grew by 3,610, or in travel and tourism activity in the Mohawk 2.5%, according to data from the Quarterly Valley has also had a positive impact. The Census of Employment and Wages (QCEW). latest available figures from the I Love New continue to grow, as the newly constructed In addition, total private sector wages York program show that the region received distribution centers for Tractor Supply expanded by 14.6%, or almost $740 million, more than 14.6 million tourists in 2017, who (Herkimer County) and Family Dollar per the QCEW. spent almost $2 billion. (Montgomery County) are expected to add a combined total of 700 jobs. This job growth helped to lower the Mohawk The region’s food services and drinking Valley’s unemployment rate from 8.8% to places industry (+600) also expanded Manufacturing is making a comeback. 5.4% over the same period. Similarly, the in 2012-17. Utica is undergoing a “food The number of factory jobs in the Mohawk number of unemployed residents in the renaissance” as new ethnic groups settle Valley grew by a total of 560 in 2012-17. region declined by more than 43%, from in the city and begin to offer their cuisine. Four manufacturing industries in the region 20,800 in 2012 to 11,800 in 2017. Here, we One focal point is Bagg’s Square, a historic added at least 200 jobs over this period, look at the four industry sectors that added section of the city, which is considered Utica’s including: food products (+410), primary the most private sector jobs in the region first neighborhood. In recent years, the area metals (+350), electrical equipment and between 2012 and 2017. has transformed itself into an entertainment appliances (+260) and paper products (+200). and cultural corridor. It has also seen an influx Top Job Gainers, 2012-17 Manufacturing’s average wage is about 25% of private investment, including the addition In 2012-17, health care and social assistance higher than the Mohawk Valley’s overall of many new food service establishments. private sector wage. Moreover, factory added the most jobs in the region, growing These developments all underscore the by 2,990. Most job growth in this sector was jobs have a relatively high employment growing importance of the travel and tourism multiplier; each 100 job increase in the local focused in social assistance (+2,480), especially sector to the region’s economy. vocational rehabilitation services (+1,820) manufacturing employment count leads to and individual and family services (+570). The transportation and warehousing sector the creation of about 85 additional spinoff Most job growth in the health care sector saw its job count grow by 710 between 2012 jobs, which are found in a variety of industries. was centered in ambulatory health care and 2017. Employment gains were centered Summary services (+530), especially outpatient in warehousing and storage (+400). Gains The Mohawk Valley’s regional economy care centers and home health services. in truck transportation (+250), transit and has made progress over the past five years. Employment growth in these health care ground passenger transport (+160) and Today, there is a renewed sense of optimism. industries largely reflects the growing couriers and messengers (+150) also The Mohawk Valley continues to attract elderly population in the region. contributed to the growth. companies looking to establish distribution networks and tourists looking to enjoy the The 1,440 jobs added in the region’s Contributing to this sector’s importance is area’s unique offerings. accommodation and food services sector the Mohawk Valley’s key location in the was led by job gains posted by the Upstate highway system. The sector will Subscription Economy… from page 1 design software, which cost up to $2,500, consumers save time and money. They cut food and beauty products. Here, customer in 2013. Now, users pay a monthly fee of out the middleman by restocking oft-needed preferences are highly important, such as $10-50 to gain access to the software. items, like diapers, razors and vitamins. style, fit and budget. Birchbox, Blue Apron Customers of Peloton, the high-end fitness Leading companies in this category include and Stitch Fix are among the larger firms in company that makes $2,000 stationary Amazon Subscribe & Save and Dollar Shave this group. bikes, pay $39 per month to stream Club. You don’t have to stop at the store for Access models give consumers exclusive unlimited fitness classes. Even tractor maker things you use every day. They just appear rights to use a product or service. For example, John Deere offers subscription services that on your doorstep on schedule. streaming services often will offer limited provide data and analytics to farmers about Curation models offer lures. They help services for free (“freemium”) and exclusive their equipment.

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