Overall unemployment rate moved up to 3.0% with the biggest shift in Restaurants & Hotels, which gained 1,700 roles, based on the most recently available information published in August 2022.
Total employment in the Albany-Schenectady-Troy, NY market rose by 1,610 jobs in June and the unemployment rate increased compared to the prior month by 30 bps to 3.0%. The national unemployment rate increased by 46 bps over the same time to 3.8%.
- Albany-Schenectady-Troy, NY unemployment rate is 84 bps below the national rate which is a positive sign.
- Unemployment in the market is 180 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in June 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 0.7% . Key sectors include:
- Government: 97,000; -900
- Education & Healthcare: 91,300; -1,100
- Transportation & Utilities: 75,400; +1,600
- Business Services: 60,000; +1,200
- Restaurants & Hotels: 38,500; +1,700
- Financial Services: 27,400; +100
- Manufacturing: 26,000; -100
- Construction, Mining: 20,700; +100
- Other Jobs: 17,700; +400
- IT & Development: 7,500; +100
Data is based on the most recent 12 months available, through June 2022 (Data published August 2022 and reports created on August 3, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.