Overall unemployment rate moved down to 3.3% with the biggest shift in Education & Healthcare, which gained 3,200 roles, based on the most recently available information published in April 2023.
Total employment in the Albany-Schenectady-Troy, NY market rose by 4,231 jobs in February and the unemployment rate decreased compared to the prior month by 30 bps to 3.3%. The national unemployment rate increased by 3 bps over the same time to 3.9%.
- Albany-Schenectady-Troy, NY unemployment rate is 59 bps below the national rate which is a positive sign.
- Unemployment in the market is 30 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in February versus prior month by 1.8% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.3% . Key sectors include:
- Government: 100,400; +1,800
- Education & Healthcare: 92,600; +3,200
- Transportation & Utilities: 76,400; -400
- Business Services: 58,700; +1,000
- Restaurants & Hotels: 38,300; +1,000
- Manufacturing: 26,800; -100
- Financial Services: 26,200; -400
- Construction, Mining: 20,100; -300
- Other Jobs: 17,500; +100
- IT & Development: 7,600; no change
Data is based on the most recent 12 months available, through February 2023 (Data published April 2023 and reports created on April 10, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.