Overall unemployment rate moved up to 3.4% with the biggest shift in Transportation & Utilities, which lost 3,200 roles, based on the most recently available information published in March 2022.
Total employment in the Albany-Schenectady-Troy, NY market rose by 6,188 jobs in January and the unemployment rate increased compared to the prior month by 90 bps to 3.4%. The national unemployment rate increased by 74 bps over the same time to 4.4%.
- Albany-Schenectady-Troy, NY unemployment rate is 103 bps below the national rate which is a positive sign.
- Unemployment in the market is 260 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in January versus prior month by 1.1% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -2.6%. Key sectors include:
- Government: 96,400; -900
- Education & Healthcare: 88,300; -2,700
- Transportation & Utilities: 75,200; -3,200
- Business Services: 54,300; -2,300
- Restaurants & Hotels: 33,500; -700
- Financial Services: 26,500; no change
- Manufacturing: 26,200; -300
- Construction, Mining: 18,100; -1,300
- Other Jobs: 16,700; -100
- IT & Development: 7,400; -100
Data is based on the most recent 12 months available, through January 2022 (Data published March 2022 and reports created on March 18, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.