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The Index of
Economic Activity
in Tompkins County
Department of Economics |
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| Front Page | Historical Data | Outlook | Archives | Methodology |
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May 2008 The Index of Economic Activity in Tompkins County inched ever-so-slightly higher in May to a level of 152.92 from a revised mark of 152.72 in April. This amounts to an improvement of 0.13 percent. Compared to May 2007, economic activity was down 0.04 percent. Gains in retail sales and home sales were balanced by declines in employment and air traffic. Building permits and help wanted advertising held steady. |
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Tompkins County lost
400 jobs in May to bring the level of employment to 63,500. Still, there
are 200 more jobs this May than last. The unemployment rate was 3.9
percent compared with 3.2 percent a year ago. In New York State the
comparable unemployment rate was 4.9 percent while the national figure
stood at 5.2 percent. County retail sales
totaled $130.8 million, up from $126.0 in April. Compared to May 2007,
retail sales volume was up 2.54 percent. After four consecutive months of
declining retail sales, this boost is welcome. Residential building
permits issued in Tompkins County climbed 2.15 percent in May. Permits
have a tendency to swing widely from month to month and a change of this
amount is negligible. Building permits were higher through the first five
months of 2008 than for the comparable months of 2007. Existing home sales
increased 17.23 percent in May. However, compared to May 2007, home sales
were down 21.78 percent. Help wanted advertising dipped 5.98 percent in May. This is a modest monthly decline for this indicator of labor market conditions.
Maintained by Elia Kacapyr (kacapyr@ithaca.edu) |