Deep Dive: How is inflation affecting the job market in New York?
With the new year may come a career change for some. In this week's Deep Dive, News 12's Kristie Reeter is taking a deep dive into the job market to see where hiring has been, where it has slowed and how inflation is having an impact.
When looking for a job, what extras are important to you? In a News 12 poll, the majority of Bronx, Brooklyn and Long Island viewers said that remote opportunities were important to them, while Westchester viewers said they were looking for flexible hours.
This week, the Federal Reserve chair said that high inflation could make it harder to restore the job market, so what does that mean and what are we seeing in New York?
"The way to combat inflation is by raising interest rates," says Caleb Silver from Investopedia. "The Federal Reserve is probably going to do that three or more times this year, that makes borrowing costs higher for companies, which makes it harder, more expensive, to hire workers."
New York is seeing a very high unemployment rate mostly because of New York City, the statewide average is 6.6%. New York City is the highest at 8%.
We see the unemployment rate going down, so why are we hearing that hiring has slowed?
"They are based on two different surveys. So the unemployment rate is actually families or households filing for unemployment claims, the other one, job gains are about people getting back to work. Companies hiring, less people filing for unemployment claims, less people actually getting hired except for the restaurant industry," says Silver.