Overall unemployment rate moved down to 2.5% with the biggest shift in Construction, Mining, which lost 1,200 roles, based on the most recently available information published in February 2022.
Total employment in the Albany-Schenectady-Troy, NY market rose by 664 jobs in December and the unemployment rate decreased compared to the prior month by 80 bps to 2.5%. The national unemployment rate decreased by 20 bps over the same time to 3.7%.
- Albany-Schenectady-Troy, NY unemployment rate is 119 bps below the national rate which is a positive sign.
- Unemployment in the market is 290 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in December versus prior month by 0.9% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.3%. Key sectors include:
- Government: 97,600; -600
- Education & Healthcare: 94,000; -900
- Transportation & Utilities: 75,900; +1,000
- Business Services: 56,200; +600
- Restaurants & Hotels: 32,500; -500
- Financial Services: 26,500; +300
- Manufacturing: 26,100; +200
- Construction, Mining: 20,300; -1,200
- Other Jobs: 16,100; no change
- IT & Development: 7,900; -100
Data is based on the most recent 12 months available, through December 2021 (Data published February 2022 and reports created on February 4, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.