Overall unemployment rate moved down to 2.7% with the biggest shift in Construction, Mining, which gained 1,700 roles, based on the most recently available information published in June 2022.
Total employment in the Albany-Schenectady-Troy, NY market rose by 3,706 jobs in April and the unemployment rate decreased compared to the prior month by 60 bps to 2.7%. The national unemployment rate decreased by 42 bps over the same time to 3.3%.
- Albany-Schenectady-Troy, NY unemployment rate is 64 bps below the national rate which is a positive sign.
- Unemployment in the market is 200 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in April versus prior month by 3.4% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.0% . Key sectors include:
- Government: 98,000; +300
- Education & Healthcare: 92,900; +200
- Transportation & Utilities: 73,200; -1,000
- Business Services: 57,200; +1,200
- Restaurants & Hotels: 35,700; +1,500
- Financial Services: 26,700; +500
- Manufacturing: 26,100; -100
- Construction, Mining: 20,300; +1,700
- Other Jobs: 17,200; +100
- IT & Development: 7,400; no change
Data is based on the most recent 12 months available, through April 2022 (Data published June 2022 and reports created on June 1, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.