Overall unemployment rate moved up to 3.2% with the biggest shift in Government, which lost 5,400 roles, based on the most recently available information published in August 2022.
Total employment in the Albany-Schenectady-Troy, NY market declined by 2,729 jobs in July and the unemployment rate increased compared to the prior month by 30 bps to 3.2%. The national unemployment rate decreased by 5 bps over the same time to 3.8%.
- Albany-Schenectady-Troy, NY unemployment rate is 58 bps below the national rate which is a positive sign.
- Unemployment in the market is 130 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in July versus prior month by 3.5% and are up compared to last year at this time in the market.
Month over Month Unemployment Change
Year over Year Unemployment Change
For key employment segments of the market, total jobs declined by -1.1%. Key sectors include:
- Government: 91,700; -5,400
- Education & Healthcare: 89,900; -800
- Transportation & Utilities: 74,600; -500
- Business Services: 60,400; +500
- Restaurants & Hotels: 38,500; +100
- Financial Services: 27,700; +300
- Manufacturing: 26,200; +200
- Construction, Mining: 21,200; +500
- Other Jobs: 17,600; no change
- IT & Development: 7,700; +100
Employment Change by Key Sector
Data is based on the most recent 12 months available, through July 2022 (Data published August 2022 and reports created on September 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.