Overall unemployment rate moved down to 2.2% with the biggest shift in Education & Healthcare, which gained 2,400 roles, based on the most recently available information published in December 2022.

Total employment in the Albany-Schenectady-Troy, NY market rose by 5,037 jobs in October and the unemployment rate decreased compared to the prior month by 60 bps to 2.2%. The national unemployment rate increased by 8 bps over the same time to 3.4%.

  • Albany-Schenectady-Troy, NY unemployment rate is 120 bps below the national rate which is a positive sign.
  • Unemployment in the market is 110 bps below the unemployment rate in the market last year at this time, which is a positive.
  • Average wages (per hour) grew in October versus prior month by 4.2% and are up compared to last year at this time in the market.
Month over Month Unemployment Change
Year over Year Unemployment Change
Albany-Schenectady-Troy, NY Unemployment October 2022

For key employment segments of the market, total jobs grew by 1.5% . Key sectors include:

  • Government: 97,400; +2,000
  • Education & Healthcare: 94,000; +2,400
  • Transportation & Utilities: 75,600; +500
  • Business Services: 59,500; +200
  • Restaurants & Hotels: 36,700; +900
  • Financial Services: 26,700; no change
  • Manufacturing: 25,300; no change
  • Construction, Mining: 20,900; +200
  • Other Jobs: 17,900; +300
Albany-Schenectady-Troy, NY Unemployment by Industry October 2022

Data is based on the most recent 12 months available, through October 2022 (Data published December 2022 and reports created on December 2, 2022).  Source: Government data agency and locally acquired statistics.

Note: All reported data is not seasonally adjusted.