Can you believe we are less than 2 months away from entering a new decade!? I’m sure we all had some wins and losses for the past 10 years. I’m certain that there has also been a tremendous amount of growth.
As we all prepare for 2020, there is an important report that was released by the New York Association of Training & Employment Professionals (NYATEP) discussing the economic landscape of New York. The State of the Workforce: 2019 Labor Market Snapshot of New York report dives into the need to know for the current workforce. Let’s take a look at some of the statistics about costs related to living in this city and stood out:
$62,800 - Median Household income in New York State
239,584 New Yorkers working involuntary part-time jobs
38% of those working in the gig economy nationwide are ages 18 to 24
$1,283 per month is the average cost of basic childcare for an infant
Who’s working in New York
I can’t stress it enough when I say that the gig economy is rising and it’s here to stay. Especially in New York, it’s normal for people to work a full-time job and have a side hustle or part-time job on the side. According to the report, “over three in ten families nationwide are said to receive income from self-employment or gig work”.
Have you ever heard of the Freelancing isn’t Free Act? This law signed into effect in 2017 gives freelancers rights that they didn't have before. Slowly but surely legislation to protect freelancer’s rights is coming down the pipeline.
The Department of Labor reported that in September the unemployment rate in New York is 3.9%. While this number is relatively low, it seems to be missing something. According to NYATEP, the unemployment rate they reported is 7.6% because it includes individuals who are underemployed and working part-time for economic reasons.
It’s a Big Rich Town
When living in one of the biggest cities, one of the biggest downfalls can be attributed to the cost of living. According to this report, the cost of childcare has surpassed housing as the most expensive category of basic living. For a family of four, you can expect to dish out over $68k for basic household expenses.
Financial security and literacy is key to thriving in the big city. Having this knowledge comes in handy when you begin to negotiate your salary with current or potential employers. It’s essential that you take into account the cost of childcare, medical expenses, and the basic cost of living. The US Department of Health and Human Services reported that childcare is affordable if it costs no more than 7% of a family’s income.
What Now?
Heading into any situation blindfolded never is a good idea so why start 2020 not knowing what to expect. For more interesting data on where our city stands in regards to our workforce landscape, this report is a great starting point. The findings paint a story of New York and where we are heading as an economy. Looking to ensure your strategy for 2020 is intact? Book a session with our career coach who can help you create a plan for success.