Overall unemployment rate moved down to 2.3% with the biggest shift in Business Services, which gained 1,600 roles, based on the most recently available information published in June 2023.
Total employment in the Albany-Schenectady-Troy, NY market rose by 4,189 jobs in April and the unemployment rate decreased compared to the prior month by 60 bps to 2.3%. The national unemployment rate decreased by 53 bps over the same time to 3.1%.
- Albany-Schenectady-Troy, NY unemployment rate is 80 bps below the national rate which is a positive sign.
- Unemployment in the market is 40 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 2.4% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.6% . Key sectors include:
- Government: 99,700; -100
- Education & Healthcare: 94,200; +700
- Transportation & Utilities: 74,900; -500
- Business Services: 60,500; +1,600
- Restaurants & Hotels: 39,100; +900
- Manufacturing: 26,400; no change
- Financial Services: 26,200; +200
- Construction, Mining: 20,800; +100
- Other Jobs: 17,500; no change
- IT & Development: 7,800; no change
Data is based on the most recent 12 months available, through April 2023 (Data published June 2023 and reports created on June 8,2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.