Overall unemployment rate stayed flat at 2.7% with the biggest shift in Restaurants & Hotels, which gained 1,500 roles, based on the most recently available information published in June 2022.
Total employment in the Albany-Schenectady-Troy, NY market rose by 5,544 jobs in May and the unemployment rate stayed flat. The national unemployment rate increased by 4 bps over the same time to 3.4%.
- Albany-Schenectady-Troy, NY unemployment rate is 68 bps below the national rate which is a positive sign.
- Unemployment in the market is 160 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in May versus prior month by 2.5% and are equal compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.9% . Key sectors include:
- Government: 97,900; no change
- Education & Healthcare: 92,900; -600
- Transportation & Utilities: 74,100; +600
- Business Services: 58,700; +1,200
- Restaurants & Hotels: 37,000; +1,500
- Financial Services: 27,300; +600
- Manufacturing: 25,800; -100
- Construction, Mining: 20,800; +1,000
- Other Jobs: 17,300; +100
- IT & Development: 7,400; no change
Data is based on the most recent 12 months available, through May 2022 (Data published June 2022 and reports created on June 29, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.