January 20, 2017
The hiring boom in New York City is tapering off, as companies struggle to find new employees. The city added just 63,500 new jobs in 2016, an increase of 1.5%, according to the New York State Labor Department.
In most cities, that would be a lot of new jobs. But New York City’s job market can move much faster, and it added more than 100,000 jobs a year in 2013, 2014 and 2015.
Companies still want to hire workers, but good workers are getting harder to find. The unemployment rate in New York City was just 5.2% in December, the same as the year before, and close to the point at which companies need to start offering more pay to lure new employees into the job market.
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