Overall unemployment rate moved down to 2.9% with the biggest shift in Transportation & Utilities, which lost 900 roles, based on the most recently available information published in May 2023.
Total employment in the Albany-Schenectady-Troy, NY market rose by 2,280 jobs in March and the unemployment rate decreased compared to the prior month by 40 bps to 2.9%. The national unemployment rate decreased by 27 bps over the same time to 3.6%.
- Albany-Schenectady-Troy, NY unemployment rate is 72 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 March versus prior month by 0.5% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs stayed flat. Key sectors include:
- Government: 99,800; -200
- Education & Healthcare: 94,000; +700
- Transportation & Utilities: 75,500; -900
- Business Services: 58,900; +200
- Restaurants & Hotels: 38,100; +200
- Manufacturing: 26,800; no change
- Financial Services: 26,000; -200
- Construction, Mining: 20,700; +200
- Other Jobs: 17,500; +100
- IT & Development: 7,800; +100
Data is based on the most recent 12 months available, through March 2023 (Data published May 2023 and reports created on May 9,2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.