Overall unemployment rate moved down to 4.3% with the biggest shift in Restaurants & Hotels, which gained 2,700 roles, based on the most recently available information published in June 2021.
Total employment in the Albany-Schenectady-Troy, NY market rose by 1,131 jobs in May and the unemployment rate decreased compared to the prior month by 60 bps to 4.3%. The national unemployment rate decreased by 25 bps over the same time to 5.5%.
- Albany-Schenectady-Troy, NY unemployment rate is 120 bps below the national rate which is a positive sign.
- Unemployment in the market is 620 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in May versus prior month by 3% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.1% . Key sectors include:
- Government: 98,000; +200
- Education & Healthcare: 90,800; -1,500
- Transportation & Utilities: 71,400; +800
- Business Services: 56,400; +100
- Restaurants & Hotels: 34,100; +2,700
- Manufacturing: 25,400; +100
- Financial Services: 25,100; +100
- Construction, Mining: 21,100; +2,200
- Other Jobs: 15,700; +100
- IT & Development: 7,800; +100
Data is based on the most recent 12 months available, through May 2021 (Data published June 2021 and reports created on June 30, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.