Overall unemployment rate moved up to 3.6% with the biggest shift in Education & Healthcare, which gained 3,900 roles, based on the most recently available information published in April 2022.
Total employment in the Albany-Schenectady-Troy, NY market declined by 413 jobs in February and the unemployment rate increased compared to the prior month by 20 bps to 3.6%. The national unemployment rate decreased by 28 bps over the same time to 4.1%.
- Albany-Schenectady-Troy, NY unemployment rate is 54 bps below the national rate which is a positive sign.
- Unemployment in the market is 270 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) declined in February versus prior month by -1.2% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.9% . Key sectors include:
- Government: 97,600; +900
- Education & Healthcare: 92,200; +3,900
- Transportation & Utilities: 74,400; -1,300
- Business Services: 55,000; +300
- Restaurants & Hotels: 34,000; +200
- Manufacturing: 26,500; +300
- Financial Services: 26,100; -300
- Construction, Mining: 18,000; no change
- Other Jobs: 16,900; +200
- IT & Development: 7,300; no change
Data is based on the most recent 12 months available, through February 2022 (Data published April 2022 and reports created on April 6, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.