Overall unemployment rate moved down to 3.7% with the biggest shift in Education & Healthcare, which gained 3,000 roles, based on the most recently available information published in December 2021.
Total employment in the Albany-Schenectady-Troy, NY market rose by 1,446 jobs in October and the unemployment rate decreased compared to the prior month by 20 bps to 3.7%. The national unemployment rate decreased by 30 bps over the same time to 4.3%.
- Albany-Schenectady-Troy, NY unemployment rate is 56 bps below the national rate which is a positive sign.
- Unemployment in the market is 140 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) declined in October versus prior month by -0.5% and are down compared to last year at this time in the market.
Month over Month Unemployment Change
Year over Year Unemployment Change
For key employment segments of the market, total jobs grew by 1.9% . Key sectors include:
- Government: 98,500; +2,200
- Education & Healthcare: 94,500; +3,000
- Transportation & Utilities: 72,300; +1,400
- Business Services: 55,900; +500
- Restaurants & Hotels: 35,300; +800
- Financial Services: 25,900; -100
- Manufacturing: 25,800; +200
- Construction, Mining: 22,200; no change
- Other Jobs: 16,000; +300
- IT & Development: 8,000; +100
Employment Change by Key Sector
Data is based on the most recent 12 months available, through October 2021 (Data published December 2021 and reports created on December 2, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.