Overall unemployment rate moved up to 3.6% with the biggest shift in Transportation & Utilities, which lost 3,300 roles, based on the most recently available information published in March 2023.
Total employment in the Albany-Schenectady-Troy, NY market rose by 725 jobs in January and the unemployment rate increased compared to the prior month by 110 bps to 3.6%. The national unemployment rate increased by 60 bps over the same time to 3.9%.
- Albany-Schenectady-Troy, NY unemployment rate is 26 bps below the national rate which is a positive sign.
- Unemployment in the market is 20 bps above the unemployment rate in the market last year at this time, which is a negative.
- Average wages (per hour) grew in January versus prior month by 0.4% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -2.2%. Key sectors include:
- Government: 98,100; -1,600
- Education & Healthcare: 89,600; -2,400
- Transportation & Utilities: 77,100; -3,300
- Business Services: 58,300; -800
- Restaurants & Hotels: 37,000; -800
- Manufacturing: 26,900; -200
- Financial Services: 26,600; -100
- Construction, Mining: 20,500; -800
- Other Jobs: 17,400; -100
- IT & Development: 7,600; -100
Data is based on the most recent 12 months available, through January 2023 (Data published March 2023 and reports created on March 17, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.