Overall unemployment rate moved up to 3.3% with the biggest shift in Education & Healthcare, which lost 800 roles, based on the most recently available information published in September 2022.
Total employment in the Albany-Schenectady-Troy, NY market declined by 1,591 jobs in August and the unemployment rate increased compared to the prior month by 10 bps to 3.3%. The national unemployment rate stayed flat over the same time period at 3.8%.
- Albany-Schenectady-Troy, NY unemployment rate is 49 bps below the national rate which is a positive sign.
- Unemployment in the market is 90 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in August versus prior month by 0.7% 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 declined by -0.1%. Key sectors include:
- Government: 92,300; +600
- Education & Healthcare: 89,200; -800
- Transportation & Utilities: 74,500; no change
- Business Services: 60,900; +400
- Restaurants & Hotels: 38,100; no change
- Financial Services: 27,200; no change
- Manufacturing: 25,900; -200
- Construction, Mining: 20,700; -500
- Other Jobs: 17,600; no change
- IT & Development: 7,500; -100
Employment Change by Key Sector
Data is based on the most recent 12 months available, through August 2022 (Data published September 2022 and reports created on September 28, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.