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
Albany-Schenectady-Troy, NY Unemployment August 2022

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
Albany-Schenectady-Troy, NY Unemployment by Industry August 2022

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.