Overall unemployment rate moved down to 5.7% with the biggest shift in Restaurants & Hotels, which gained 1,300 roles, based on the most recently available information published in April 2021.
Total employment in the Albany-Schenectady-Troy, NY market rose by 3,308 jobs in March and the unemployment rate decreased compared to the prior month by 60 bps to 5.7%. The national unemployment rate decreased by 38 bps over the same time to 6.2%.
- Albany-Schenectady-Troy, NY unemployment rate is 48 bps below the national rate which is a positive sign.
- Unemployment in the market is 160 bps above the unemployment rate in the market last year at this time, which is a negative.
- Average wages (per hour) grew in March versus prior month by 8.5% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.8% . Key sectors include:
- Government: 98,000; +100
- Education & Healthcare: 91,500; +500
- Transportation & Utilities: 70,800; no change
- Business Services: 56,600; +200
- Restaurants & Hotels: 29,500; +1,300
- Manufacturing: 25,300; no change
- Financial Services: 25,100; +200
- Construction, Mining: 18,800; +700
- Other Jobs: 15,300; +200
- IT & Development: 7,800; +100
Data is based on the most recent 12 months available, through March 2021 (Data published April 2021 and reports created on April 29, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.