Overall unemployment rate moved up to 6.0% with the biggest shift in Transportation & Utilities, which lost 2,600 roles, based on the most recently available information published in March 2021.
Total employment in the Albany-Schenectady-Troy, NY market rose by 13,294 jobs in January and the unemployment rate increased compared to the prior month by 70 bps to 6.0%. The national unemployment rate increased by 31 bps over the same time to 6.8%.
- Albany-Schenectady-Troy, NY unemployment rate is 81 bps below the national rate which is a positive sign.
- Unemployment in the market is 200 bps above the unemployment rate in the market last year at this time, which is a negative.
- Average wages (per hour) grew in January versus prior month by 9.3% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -2.3%. Key sectors include:
- Government: 96,500; -1,900
- Education & Healthcare: 88,800; -2,300
- Transportation & Utilities: 71,100; -2,600
- Business Services: 55,100; -700
- Restaurants & Hotels: 27,000; -1,600
- Manufacturing: 25,300; -400
- Financial Services: 25,100; -100
- Construction, Mining: 19,700; -500
- Other Jobs: 15,100; -100
- IT & Development: 7,700; no change
Data is based on the most recent 12 months available, through January 2021 (Data published March 2021 and reports created on March 25, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.